Rate Reductions

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While tumbling stock prices have been the big news lately, there's something else tumbling out there that's actually good news for people.

Mortgage rates are now at their lowest levels in recent memory.

The mortgage company Freddie Mac shows 30-year fixed-rate mortgages are averaging 6.34 percent, the lowest level since 1971.

It may not be a good time on Wall Street, but it's a great time on Main Street, especially if you're in the market for a new mortgage or are refinancing an existing one.

That's because we're in the middle of one of the longest periods of ultra-low interest rates in decades.

With the current average rate on a 30-year fixed mortgage at 6.35 percent, investors have many options of what types of loans are best.

Experts remind buyers that with any loan or mortgage comes risks.

They say to look at all aspects of the loan, not just the interest rate, before you sign.

Freddie Mac says rates on 15-year mortgages are also at a historic low, and one-year adjustable have fallen this week as well.