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Opt for a fixed-rate rather than an adjustable-rate mortgage.

While I encourage people to save 100% down for a home, a mortgage is the one debt that I don't frown upon.

If I had high-ticker 10 percent financing, which would probably be the market rate, I would have to dump stuff. The interest payments would be killing me.

Well, we're just now seeing the reductions in mortgage rates. The mortgage rates are based on the ten-year rate and the Fed controls the overnight or the shorter rates.

Right now we think that rates will stay low, that you'll be able to get a mortgage below seven percent and that's kicked off a refinance boom that's going to put more money in the pockets of consumers.

If a house is priced appropriately, make a bid 10 percent below that amount.

Consider a 15- or 20-year fixed-rate mortgage instead of a 30-year, if you can afford the monthly payments - they may not be as high as you think.

We think if the economy remains weak that we could see mortgage rates trail down and we think that we could see rates below seven percent into early next year.

They flooded liquidity in the marketplace but the mortgage rate is based much more on expectations of inflation. So if the average investor believes that there is inflation coming, they'll move that rate up.