Interest rates for 30 year mortgages fell to a record low of 4.71% this week. This is a decline from 4.78%, which was last week's rate. Historically this is the lowest recorded rate since Freddie Mac began issuing a weekly survey.
The 15 year fixed rate fell to 4.27% from 4.29%.
Now is the time to take advantage of these low interest rates, as we don't know how long they will last. Word is that rates will probably begin to rise in the spring when the Federal Reserve is expected to start phasing out the program by which it has been heavily investing in mortgage securities.
This is the perfect time use these low interest rates to refinance or for a new home purchase. The First Time Home Buyers Tax Credit has been extended until April 30 and a $6,500 Tax Credit has been added for existing homeowners who are purchasing a new home.