Getting a Low Mortgage Interest Rate: Rates Are at Historic Lows. Here's How to Qualify for One

The average mortgage interest rate on a 30-year fixed-rate loan fell to 4.85 percent in the last week in March. That's down from 4.98 percent just the week before. The rate is also the lowest its been since government-backed mortgage financing company Freddie Mac has been recording it. Remember, Freddie Mac has been recording this rate since 1971, so last week's numbers truly were historic. Not Everyone Qualifies for the Best Rates These low interest rates combined with falling housing prices -- not to mention desperate sellers willing to make deals and a high inventory of available homes -- make this a great time to buy a house, especially for those homebuyers who don't have a residence of their own to sell first. Unfortunately, not every borrower qualifies for the best mortgage interest rates. Those rates are reserved for those borrowers that mortgage lenders -- and the big three credit bureaus -- consider most trustworthy. In other words, only those borrowers who lender...