In order to get low mortgage rates, you must already have an established credit history. Low mortgage rates are generally reserved for those persons with exemplary credit scores and histories as well as higher income brackets. Some of the lowest mortgage rates can be found online, instead of driving around or calling around to find out the rates. Looking at mortgage rates on an average 10 year closed loan, the lowest rates average about 5.45% online in Canada.

Many homeowners look for low mortgage rates, and are unfortunately not given these lower rates due to credit score and history. It is ideal to get a copy of your own credit history and credit score before applying for low mortgage rates on your home mortgage, even if you are refinancing. The average credit score is 650, with anything above 700 being considered perfect the perfect credit scores. If your credit score is above 700, you should have no problems finding low mortgage rates, and plenty of lenders willing to loan your mortgage. However, if your credit score is less than 650, you can have a harder time finding low mortgage rates. This is due to the fact that many lenders feel that if your credit score and history shows that you have had previous misgivings, you are a higher risk to lend to. Therefore, many lenders will avoid lending to you until the credit score and history are improved.

In order to get the greater deal on low mortgage rates, it may be required that you start to improve your credit history prior to applying for low mortgage rates. If there are any old accounts that have small balances that can be paid off, it is advisable to do so. Making payment arrangements on any larger amounts still on the credit file will help to bring them current, and will reduce the number of late pay or no pay files in your credit history. This will in turn raise the credit score and help you to get better deals on low mortgage rates. This should be done at least 3 months prior to applying for low mortgage rates, as it will take about this amount of time for the credit report and credit score to be updated by the companies you are paying.

When looking at lenders to get a low mortgage rate, you can search online to find the lowest rates in your area. The average rate that most homeowners with good credit can expect is from 7.2% to 11.4%. Those with excellent credit can expect rates from 5.45% to 7.2%, while those with bad or no credit can expect rates between 11.5% and 29.9%. The low mortgage rates that you experience will be based on your credit history and score, and the lender you choose. Most lenders allow their loan officers to make adjustments to the interest rate, if the qualifying customer requests. So if you have good credit and income to qualify for an interest rate that is normally given to someone with excellent credit, simply request a lower interest rate and it can be done.