Mortgage rates are at historic lows and there is not much room for rates to go lower. Money won't get any cheaper to borrow than right now. If you want to be smarter with your money there are a few things you could do with these low rates.

If you have been weighing your options in the housing market you may want to make your decision to buy now while rates as well as home prices are low. Consider a 15 year mortgage and you will save a tremendous amount of money in interest payments.

Because of the abundance of foreclosures there are a lot of renters in the market. Now would be a good time to buy rental property. Not only will this generate regular income, you also can take tax breaks from mortgage interest deductions.

You may want to look into switching from an adjustable rate mortgage to a fixed rate. Also look into refinancing into a 15-year loan so you are not adding years of interest payments to your mortgage. You can use the mortgage calculator on my website to help you figure out your payments.