According to Fox Business this is the second week running where mortgage rates have fallen with the average 30 year mortgage sitting 6.48% and a 15 year mortgage sitting at 6.01%.

The 30 year fixed rate was sitting at 6.53% so you can see why this might be enticing if you were in the market to buy. That drop might not seem worth getting all excited about but over 30 years it can make a significant difference when it comes to the amount of interest you’ll save.

Why the fluctuation? I mean it’s been a bit of a see saw ride hasn’t it? Even if it’s just a few points here and there. Well partially it’s just what the market does, but more so is the uncertainty about the health of the economy and the housing market that’s behind it’s all. There’s also a lot of foreclosure news continuously in the limelight and the list could go on.

Today’s lenders are a lot pickier than just a couple of years ago and it takes a little more hoop jumping to even qualify for a mortgage. But if you wan to put your best foot forward think of the four C’s.

• Character – your track record for paying your debts on time is reflected in your credit score.
• Capacity – your income which determines what type of payment you can afford.
• Collateral – the soundness of the deal.
• Capital – your down payment or equity.

Keep the 4 C’s in mind when you are shopping for a mortgage and do consider using a mortgage broker to find the best rates out there. Now’s a great time to buying a home and if the time is right for you why wait?