The national average rate for a 30-year fixed mortgage is 3.63%, an increase from April but far below May 2015's 4.12%. staffer Jonathan Smoke explains that with the Fed likely not raising rates this summer but likely raising them again by this time next year, the time is now to lock in.

Even more beneficial is that rates may vary and could fall below the national average in certain states. However with these low rates does come stringent credit standards:

The downside to the lower rates we have now is that credit access remains very tight as a result. From the perspective of credit quality as indicated by the average FICO score, it has gotten harder to qualify this year. Average FICOs have increased slightly with the decline of mortgage rates, as lenders remain very risk-averse.

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