by Mark LaBuda
On January 24, 2008 the Federal Home Loan Mortgage Corporation (Freddie Mac) reported that the average interest rate on 30-year fixed-rate mortgages had fallen to 5.48% for the week, down from 5.69% the preceding week. 
 
It was the fourth consecutive weekly decline and the third straight week that rates have been below the 6% level. The new rate marked the lowest point for 30-year fixed mortgages since they averaged 5.40% the week of March 25, 2004.
People often put off buying a home because even though the rates are low, there is always that possiblity they will go even lower. The reality is that you never know what will happen and if rates start to go up again, you'll regret waiting.  The same thing applies to home prices.  Even though they have come down considerably and the inventory is excellent, people often think tthey should wait to see if they go even lower.  You need a crystal ball to know exactly when prices are at rock bottom.
 
With the combination of  both home prices and interest rates being at the lowest point that they have been in years, now is the perfect time to be a home buyer!