“Historic” is actually how CNBC describes the current mortgage interest rate situation, which is at 4.87 percent on a 30-year fixed loan.

That’s the lowest it’s been in 30 years.

Mark Zandi, chief economist at Moody’s, puts it into perspective:

“It’s the best time in our generation to buy. It may be the best time in any generation. Mortgage rates are so low and with homes prices down and lots of inventory, you couldn’t pick a better time to buy or refinance.”

The report indicates that the debt crisis in Europe is responsible for the great rates. Nervous investors are “flocking” to the “security of US Treasurys.”

How long will these once-in-a-lifetime rates last? Unsurprisingly, not long … about one or two months.

In fact, Lawrence Yun, chief economist for the National Association of Realtors, predicts that interest rates will climb back up to 5.5 percent “by the end of June if not sooner.”

To start your home search today click here. Foreclosure.com has the best real estate deals in your area — save up to 50 percent or more!

Remember, too, that Foreclosure.com also offers a host of mortgage resources such as calculators right here.

Unemployed homeowners who have their mortgages with Bank of America — the largest bank-holding company in the United States — might not have to pay their mortgages for up to nine months, according to the Charlotte Observer.

However, there is a catch.

If after nine months the homeowners are either still unemployed or unable to meet their mortgage obligations, Bank of America would take possession of the homes (essentially foreclosing on them) and provide the ousted residents with $2,000 to put toward relocation assistance.

The proposal still needs regulatory approval, but it’s already being hailed as the “banking industry’s broadest effort to ease foreclosure pain for the jobless.”

Mark Pearce, N.C. deputy banking commissioner, tends to agree:

“This seems like a new idea that offers a lot of positives for both the homeowners and the bank. There’s a nice balance, giving people more breathing space but with a date certain for moving to the next step if things don’t work out.”

Details such as eligibility and the application process, as well as if the money needs to be eventually paid back over time, are still under consideration.

Nonetheless, it’s a forward-thinking program that could help owners get back on their feet and, if nothing else, help them save up some cash for the next phase in their lives … whatever that may be.

Stay tuned.

Finding the best mortgage rate is just as important (if not more) as settling in the perfect house.

That’s because the loan amount and correlating interest rate will determine the monthly payments that you will be obligated to make over the next 15, 30 or even 40 years.

Therefore, it’s always wise to get preapproved for a mortgage before you start your house hunt. This way you know your financial limits and don’t stretch beyond them when touring properties available for sale.

In fact, most real estate agents strongly recommend that you are preapproved before they start providing you with potential opportunities because it helps them narrow their searches.

One nice thing about mortgage shopping right now is the super low rates. However, we can all but guarantee that these rock-bottom rates won’t last much longer.

Strike while the iron is hot!

The March 2010 edition of Foreclosure.com’s free educational newsletter, “Investment Exchange,” is now available, which details everything you need to know about “Shopping for a mortgage.”

It is designed to get you familiar with your mortgage options so that you’re on the ball when you do find that once-in-a-lifetime property. You’ll also get handy tips to make your credit squeaky clean before you apply.

So check out “Shopping for a mortgage” today so you’re in a position to get the best terms possible.

To read this month’s free educational newsletter from Foreclosure.com CLICK HERE.

Right now there are so many great discounted properties available throughout the nation that you can essentially “steal” them for dirt cheap prices.

On top of these amazing deals, as well as the limited-time tax credit for first-time homebuyers that expires on Dec. 1, 2009, banks are still offering fantastic mortgage rates to encourage spending.

In fact, rates recently dropped to less than 5 percent!

Mortgage applications have skyrocketed thanks to this “perfect storm” that has created ideal homebuyer conditions.

How can you not be tempted to capitalize on these opportunities of a lifetime?

All these facts add up to one major point: for the right property, the numbers make good, solid “cents” right now. There has literally never been a better time to get into distressed property investment.

The September 2009 edition of Foreclosure.com’s free educational newsletter, “Investment Exchange,” is now available, which is all about helping you figure out how to get your hands on the money you need to get started in distressed property investing.

We touch on everything, from funding options to tips for raising your credit score. We also cover how you can accomplish it all without experiencing any of the headaches that can often deter first timers.

So get ready to learn everything you need to know about financing your dream home at the best possible terms! Check out “Fund the Deal” today and get going before it’s too late — remember the clock is ticking to lock-in the best terms and incentives!

To read this month’s free educational newsletter from Foreclosure.com CLICK HERE.

Here’s your chance to get the inside scoop on highly sought-after FHA loans to secure the best mortgage interest rate possible on your next home investment.

Cathy McDaniel — a consumer advocate who has more than 15 years in the industry working banks and lenders — will reveal how to secure a home loan/refinance from the Federal Housing Administration (FHA) and lock-in the best possible interest rate and mortgage terms available.

The educational session is available to watch LIVE online during a 90-minute money-saving presentation scheduled for Thursday, July 30, at 7 p.m. ET. To register now for “How to Get an FHA Loan” click here.

An FHA loan is an attractive alternative to a traditional loan because it will put money back in your pocket each month, lowering your monthly mortgage commitment significantly. The long-term savings are even more mind-boggling.

Here are just some of the topics that Cathy will cover:

• FHA options and features
• FHA loan qualification and criteria, calculations/Ratios and MIP
• FHA appraisal, qualifying the property and home inspection
• FHA loan programs, escrow holdback and 203 (k) Streamline
• FHA refinancing, loss mitigation and down payment assistance

This is a great opportunity to learn all the key points, options and FHA program qualifications from an industry expert to maximize your (or your clients) mortgage instrument. Be sure to tune in!

Register for “How to Get an FHA Loan” before it’s too late. Spots are limited and filling up FAST! CLICK HERE.

Webinars are LIVE educational sessions that let participants see, hear and interact with real estate experts right from their personal computer screens. In fact, Webinars are driven in part by visitor feedback and questions that are posed during the sessions. For more information and course offerings click here.