Mortgage rates have been amazingly low lately. Whenever they linger below 5 percent, you're seeing historically low mortgage rates.
They've been ratcheting up a little today. If your lender hasn't raised rates an eighth of a percentage point, you're getting less bang for the buck with your discount points today.
Still, mortgage rates remain very low. To show you how surprising I find this, let me tell you a little secret: In January, I assigned a writer to do a story about how to cope with rising mortgage rates. The story is edited and ready to go, as soon as we see a significant upward trend. Hasn't happened yet. Yes, mortgage rates rose above 5 percent in February and again, briefly, in April. But in Bankrate's weekly mortgage rate survey, they have fallen eight weeks in a row. That two-month slide is likely to end in tomorrow's survey, though.
Good deals are out there, including this wrinkle in which builders offer zero-down mortgages with no closing costs.