The current mortgage rates may be low. There are quite a few economic and political factors that have an impact on mortgage rates. Three major factors are usually responsible for low mortgage rates.

1. Good Knowledge of Current Mortgage Rates Essential to Buy
Residential Property
Are you planning to buy a house? In case you do, then a good amount of
planning is essential so as to make sure that you can acquire the exact
residential property that you would like to possess without any problems. A
good knowledge of current mortgage rates is essential for this purpose.
The mortgage rate will decide the interest rate that you will pay for the
mortgage loan when you apply for a home loan. The monthly mortgage
payment that you will have to make will include the interest that you owe on
the outstanding low balance and a part of the principal itself. The latter will
reduce the remaining loan balance. The mortgage rate is really important as a
difference of one percentage point in it will lead to a minimum of 10%
difference in your monthly mortgage payment.
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