Interest rates continue to be low. The national average rate for a 30 year fixed rate residential mortgage is below 4.5%.

How low will they go? No one knows for sure, but what is known is that they will not stay this low forever. That makes this a great market to be a buyer.

Consider this: A $100,000 loan with a 4.5% rate (30 yr. term) is $506 per month. That is $60 per month cheaper than just a few short months ago when rates were commonly at 5.5%.   The other way to look at that is a buyer today can borrow $12,000 more towards the home purchase today and keep the same payment as a few months back. Couple that with the slide in prices and today's buyer can potentially afford $20,000 to $25,000 more house than in the spring.  Considerably more than what you got with the Federal Tax Credit!