As I write this mortgage rates sit at 4.5 percent for a 30-year fixed rate.  This marks one of the longest sustained periods of dirt cheap mortgage rates.  What does it really mean, however, for your everyday consumer?  Mostly, it tends to mean that this remains a good opportunity to purchase a home.  I make one big caveat, however.  You must be planning on staying in your home indefinitely.  Housing prices remain volatile and if you have a more fluid lifestyle, say as young professional without kids, you have to be very careful.  That said, it’s not only low interest rates that make buying a good opportunity, but also the prospect for massive inflation.  Take a look at the graph posted below and combine it with what you know about the US budget deficit.  The US dollar is very likely to see significant inflation, if not hyperinflation in the future.  This is amazing for debtors (mortgage holders) because it means you’re paying back you loan with cheaper dollars.  The best mortgage offers right now seem to be coming from Box Home Loans and Americash Mortgage Bankers.

Currently, mortgage rates are slightly up this week, but are still standing around 4.5% for a 30-year fixed rate mortgage.  Obviously, not every bank is offering this type of rate and it is highly dependent on your credit history.  If you’re looking for the best rate around currently, however, you should be looking for 4.5-4.6%.

Since we’re still seeing historical lows with mortgage rates in the US.  Many people see this as a prime time to purchase a home, particularly if you are intending to stay in the property indefinitely.  It’s not just low mortgage rates, but also the prospect of significant inflation.  Of course, inflation decreases in real terms the amount you owe on your mortgage.

Bank of America (NYSE: BAC) is the largest consumer bank in the country and it’s trying to further its mark on the home mortgage business, despite the recent tumult.  It is doing so by offering unprecedent deals from a lender of its size and quality.  Bank of America is currently offering no closing fees, no application fee, no private mortgage insurance fee.  Their site is easy to use and allows for prequalification in 10 minutes or less.  Their site does a great job outlining the closing costs that you can save by completing your loan with Bank of America, saving you up to $6,000.00.  Best of all, the company is offering a “Best Value” guarantee whereby if you choose to go with another lended, they will send you a check for $250, which should cover the time you spent applying with Bank of America, and then some.