What You Can Do to Get An Affordable Home Loan

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What You Can Do to Get
An Affordable Home Loan

By Terri Cullen
From The Wall Street Journal Online

With mortgage rates on the rise, home buyers and homeowners will have to work harder to find an affordable loan. The average rate on a 30-year, fixed-rate mortgage nationwide rose to 6.48% during the week ended Nov. 10, compared with an average of 5.26% in November 2004, according to HSH Associates Inc., boosting the monthly payment on a $250,000 mortgage to $1,577 from $1,382 a year earlier.

WHAT TO DO: Start by comparison shopping for the best rates and terms at Web sites like Bankrate.com and HSH.com, which don't sell loans. Don't focus solely on rates, compare costs: This worksheet can help. Check your credit score at no cost and correct any errors before you apply for a mortgage to ensure you qualify for the best rates. As rates go up, some home prices are coming down -- here's how to bargain for a house. For more tips on finding a good deal, click here.

The Nation's Mortgage Market
Average rates for residential mortgages on owner-occupied, one-to-four family homes and condos for the week ended Nov. 10, 2005.
REGION	FIXED 15-YEAR	FIXED 30-YEAR	ADJUSTABLE ONE-YEAR
National	6.02%	6.48%	5.29%
CA. Statewide	6.10%	6.56%	5.64%
CT. Statewide	5.99%	6.44%	5.29%
Washington, DC	5.93%	6.42%	5.51%
FL. Statewide	6.14%	6.55%	5.73%
N.J. Statewide	5.79%	6.37%	4.88%
New York City	6.01%	6.47%	5.19%
PA. Statewide	6.06%	6.53%	5.14%
TX. Statewide	6.02%	6.44%	5.29%
Source: HSH Associates Inc.

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-- November 18, 2005