Mortgage rates hit record lows again this week, making it incredibly cheap to finance a home with a safe, traditional loan.

The average rate for a 30-year, fixed-rate mortgage -- the most popular way to finance a home -- came in at an even 5.00% in our latest weekly survey of major lenders taken Nov. 25.

That's more than one-tenth of a point less than the 5.13% reached in April -- 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 find lenders in most cities offering 30-year, fixed-rate loans for 4.75%, with no points and fees of $2,000 or less.

That means your principal and interest payments will be just $522 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'll be able to cut that to 4.375% and lower your payments to $500 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.

Although we think mortgage rates will remain affordable throughout the fall, there's good reason to believe they'll start rising this winter.

This winter the Federal Reserve will be phasing out its campaign to flood the mortgage market with money and drive interest rates down to help the struggling housing markets and economy.

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.

But as the Fed buys fewer and fewer mortgages between now and the end of March, private investors will have to pick up the slack. They'll demand better returns, which should push average interest rates back toward 5.5%.

So if you were 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