Mortgages: What you need to know in 2009

With all the doom and gloom over housing, you might be surprised to know that this is a fantastic time to get a mortgage. Not if you have poor credit, to be sure. But you can get a great deal on a 30-year, fixed-rate, conforming loan these days if you have a solid FICO score, a manageable debt burden, and proof positive of a reliable income.

You have to go back to around 1961 to find a time when 30-year mortgages had rates this low, according to Keith Gumbinger, a vice-president at financial publisher HSH Associates in Pompton Plains, N.J. For that, thank the U.S. government, which is trying to jump-start the stalled housing market by buying up mortgage-backed securities. On Dec. 31, Freddie Mac reported that average rates on 30-year fixed mortgages dropped to 5.1 percent for the week, down about 1.3 percentage points since late October and the lowest since its survey began in 1971.

Rates are probably headed even lower in 2009, raising the question of whether you should borrow now or wait for a better deal. The (read more here) 

Mortgage rates rise after record five-week run

Rates on a 30-year mortgage rate rose to 5.12 percent

Rates on 30-year mortgages rose above 5 percent this week, ending a five-week run at record low levels, Freddie Mac reported Thursday.

Mortgage rates have been in decline since the Federal Reserve said in late November it would buy up to $500 billion in mortgage-backed securities to get banks to lend more money in hopes of bolstering the troubled U.S. housing market.

Freddie Mac reported Thursday that average rates on 30-year fixed mortgages rose to 5.12 percent this week from a record low of 4.96 percent established last week. At this time last year, the 30-year fixed rate mortgage averaged 5.48 percent. (read more here)

Personal Financial Workbooks - CNBC's On The Money

Education, education, education...no better way to be a champion over money and budgeting. This tougher economy is no different; in fact, we all need to fall back to the "core" foundational rules of engagement. Need a refresher...?

As the economic landscape has changed, so have the rules of personal finance. It has never been more important to take control of your financial life, make the most of your money and secure your future. In these four workbooks, Carmen Wong Ulrich teaches you how to build wealth, plan your family finances, make good use of credit and prepare for retirement.

The great financial tools are here.

Source: CNBC"s On The Money