It's been said many times, but it really can't get any better than this. Rates dropped to 3.40 percent on a 30-year fixed loan and 2.73 on a 15-year fixed loan.
This is likely the result of the Federal Reserve spending $40 billion per month to buy mortgage-backed securities. The plan is to continue this pace until there is substantial improvement in the job market.
With the combination of low rates and low home prices, now really is a great time to purchase a home. The intersection of these two primary factors in monthly payment may never be lower.