The waiting game could cost you

According to the giant mortgage company Freddie Mac, mortgage rates in mid-June were the lowest since record-keeping began in 1971.

Although it might seem like a good idea to wait to see if they drop even lower, trying to “time the market” could cost you big-time.

Mortgage rates are still hovering around rock bottom, but it’s impossible to predict how long that will last.

So don’t sleep on a chance to grab a low rate now while you still can.

Here’s how to find the best rate

With rates so low you might be tempted to jump at the first offer you see, but to take full advantage of the current market you need to shop around.

Whether you’re buying or refinancing, you should compare offers from at least three mortgage lenders before you lock in a rate.

According to one recent study, homebuyers who comparison-shop on average save $1,500 a year compared to those who jump on the very first loan offer. Refinancers who shop around save $2,000 a year, on average.

But don’t worry, because you can easily compare rates online from multiple lenders using the tool below:

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These articles were created by the MoneyWise editorial team.