Mortgage Calculators-Calculate the lowest mortgage rates against various loan options. Learn your monthly payments, borrow amounts, points, refinance, interest, or simply compare one mortgage versus another.

Evaluating different mortgage products can be confusing. Compare the following:

• Mortgage rates.
  Rates vary from mortgage to mortgage. Certain mortgage types and terms typically have lower interest rates.
• Mortgage types and terms.
  Fixed-rate and adjustable-rate mortgages each have their benefits, and so do different loan terms (the length of time you have to repay the loan). It's important to consider your individual situation, needs, and goals to determine the best mortgage type and term.
• Other factors.
  Be sure to factor in any points, fees, or other charges, including closing costs, when comparing different mortgages types.

WASHINGTON -- Rates on 30-year mortgages rose this week to the highest level in 2 1/2 years as financial markets began to worry more about inflation.

Mortgage giant Freddie Mac reported Thursday that rates on 30-year, fixed-rate mortgages averaged 6.43 percent this week, up from 6.35 percent last week.

The median price of single-family houses and townhouses in the Washington region vaulted past $400,000 last year, making inexpensive housing more and more of an oxymoron here.

In a year marked by frantic bidding wars among buyers anxious not to miss out on a house, any house, the median sales price for the region jumped 27 percent to $419,000, up from $330,000 in 2004, according to a Washington Post analysis of government sales records for single-family houses and townhouses.

Average settlement in the Maryland and Virginia real estate market place is 30-45 days. This is sufficient time to get full mortgage approval, all of the desired inspections, survey, scheduling the move in dates for the home buyers and move out dates for the home seller. Buyer takes possession and seller gives possession of property on the day of settlement about 99% of the time in this area.

Here are some good house hunting tips:

• Take pictures inside and outside the home.
• Bring a spouse, family member, or friend.
• Make sure the house fits into your budget.
• Ask about utility and maintenance costs.
• Think of commuting time and costs.
• Compare what you'd like to have against what you really need.
• Consider your monthly budget - can you afford the renovations and maintenance that you'll need to do?
• Compare what you'd like to have against what you really need.
• Don't make a "spur-of-the-moment" decision.

What do you need to know during the closing process?

• Learn why hiring a professional home inspector is so important.
• Know what to look for when shopping for homeowner's insurance.
• Understand what to expect when you attend closing (the actual settlement meeting).