Just when we really need those interest rates to drop, that’s just what they do!  Today’s rate for Conforming under $417,000 is 5.875% for a 30-year fixed and 6.375% for a 40-year fixed.  (Yes, in case you didn’t realize, they will now do a 40-year loan).  Even better, FHA/VA Government Loans are at 5.625%!  Of course all of these loans come with an origination fee, but the main point is that the rates are dropping!

My advice to anyone out there looking to purchase a home is don’t try to time the market at the bottom.  Most of the time when you figure out that it might be the bottom of the market the rates have already begun to creep up.  Buy now while the prices are low and the interest rates are also low.  It’s a win win for everyone.