Mortgages Are at Historic Lows, So How Can You Get That Low Rate?

Aug. 12, 2010 — -- Mortgage rates are at an historic low, but they aren't resulting in more home sales, according to the Mortgage Bankers Association.

The group says many people -- be they homeowners looking to refinance or new home buyers -- are finding it virtually impossible to get the low-interest loans.

Fox Business Network's Gerri Willis told "Good Morning America" that one of the most important things prospective homeowners can do if they're shopping for a loan is to check that their credit is sound.

Here are some more tips for how you can improve your credit score:

Some people may think that just paying bills on time will prevent a bad credit score. But these days that is not enough. Here's a list of dos and don'ts -- what you should and should not do if you want to maintain or improve your current credit score:

Do check for errors.Stains on your credit report can really affect your score, so make sure all the claims are accurate. Call your bureau and discuss late payments, unpaid accounts and outdated personal information that could be having a negative impact on your credit number.