Mortgage rates are holding very close to the record lows reached last fall, making it incredibly cheap to finance a home.

The average rate for a 30-year, fixed-rate mortgage -- the most popular way to finance a home -- was 5.12% in our latest weekly survey of major lenders taken March 3.

That's only a little higher than the record 5.00% reached in November -- the lowest average since Interest.com and its print predecessors began the survey in 1985.

Search our extensive database of mortgage rates, and you'll still find lenders in most cities offering 30-year, fixed-rate loans for 4.875% or less with no points and fees of $2,000 or less.

That means your principal and interest payments will be just $530 a month for every $100,000 you borrow. (Our mortgage calculator can show you the payment for any loan, any amount, rate and term.)

Pay a point or two, and you may be able to cut that to 4.5% and lower your payments to $507 a month for every $100,000 you borrow.

By any historical standard, a 30-year, fixed-rate loan that costs less than 6.5% is a good deal. That makes today's rates nothing short of spectacular.

Qualify for one of these loans, and you'll never have to refinance or worry about your mortgage again.

They're safe, totally predictable loans that carry none of the risks associated with interest-only or adjustable-rate mortgages. You'll never have to fret about interest rates going up, principal payments kicking in or any other nasty surprises that could drive up your housing costs a few years down the road.

Rates are expected to rise because the Federal Reserve is ending its campaign to flood the mortgage market with money to help the economy recover from the financial crisis and recession.

To do that, it has been purchasing about $1.25 trillion worth of home loans made by commercial banks and finance companies at rates lower than private investors would usually expect.

As the Fed buys fewer mortgages between now and the end of March, private investors will have to pick up the slack.

Most experts expect that to push the average rate on 30-year, fixed-rate loans to between 5.5% and 6.0% by summer.

So if you're putting off buying or refinancing a home, now's the time to act.

You've probably heard that banks and mortgage companies have tightened their requirements for getting a mortgage after unwisely lowering their standards during the housing boom.

They have. But that return to reasonable underwriting standards is a good thing and shouldn't stop most borrowers from getting the loans they want.

You'll have the best chance of getting a low rate with low fees if you:

Have an average credit score. That's a FICO score of 720 to 730. Here's where to see what goes into your credit score and how to get your credit score.

If you have below-average credit, you should probably pursue an FHA or VA loan.

Borrowers with lower credit scores can increase the odds of having their application approved by getting the government to guarantee the loan's repayment.

Earn enough money to repay the loan. Here's where to learn about the two affordability tests most lenders use.

Be able to fully document your income, assets and debts. Here's where to find out about questions you'll be asked on a mortgage application and all the paperwork you'll need.

By Mike Sante

Interest.com Managing Editor