Welcome to the Clark Howard Show where it's all about you and that wallet of yours.

I want you to learn ideas to me so you can save more and spend less and don't let

anyone ever rip you off.

And I want to tell you that mortgage rates have hit an all-time low since records started

being kept of mortgages back during the Vietnam War.

And so the rates now that are just shocking people in the financial industry that the

average fixed rate on a 30-year mortgage for someone buying a home, 2.98 percent.

This is incredible.

People doing refives are going to find that the rates on a refy normally there's a bigger

spread but right now the spread is about 0.45.

So if you let's just take someone with a really top credit, if you're getting a 3 percent

rate on a 30-year that means you'd get 2.55 percent on a 15-year.

So for people who are in a mortgage, you thought you had the greatest rate you were ever

going to see, this is an unbelievable opportunity for you to refinance, particularly if you can

go into the 15-year loan.

You got to think through if you can handle the payment, the payment will be higher on the

15-year likely even though you're getting a lower interest rate on it, maybe higher than

what you already have even at a higher interest rate because you're paying the loan off so much

quicker but the advantage to you of doing so is enormous.

If you are late in your mortgage meaning that you have been in it any of a number of years

like maybe you're halfway through a 30-year mortgage, I want to tease you with another

idea and that is credit unions very heavily do 10-year mortgages.

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