Low mortgage rates are the best gifts for home buyers

Photo: IABoomer

Missed out on those holiday shopping deals? Don't fret. The best deal awaiting you this year could be a new mortgage.

With interest rates remaining near record lows, you should seriously consider adding a mortgage to your holiday shopping list, whether you’re looking to buy a new home or want to refinance.

The savings you lock in will be a gift that keeps on giving.

Just a couple of years ago, today’s rates would have looked like door-buster deals.

We’ve found advertised rates on 30-year, fixed-rate mortgages as low as 3.75%, with no points and application fees of less than $2,000.

While this is a great time to take out a new home loan or refinance an existing mortgage, tougher loan standards mean about half of all homeowners couldn't get a mortgage if they applied today.

Before you apply for a mortgage, learn about the most common reasons for rejection and how to increase your approval chances in my Interest.com article, Low mortgage rates are the best gifts for home buyers.