Rates for a 30 yr. mortgage have have dropped for the second straight week since the recdord lows last Spring. The new avarage rate for a 30 year fixed mortgage this week is 5.07, down from 5.08 last week. Rates are supposed to stay at a low rate for the next month or two. However, these rates will not stay this low forever...when the economy starts to turn around, the interest rates will begin once more to rise. The Federal Reserve has spent $1.25 trillion on mortgage backed securities which has driven down the mortgage rates today. These funds are predicted to run out by December of this year. With these low rates, Buyers need to take advantage of this great opportunity to purchase. Mortgage applications have surged 22.5% in the first week of September. So all you potential Buyers, NOW is the time to move! There are many great deals out there for homes and acreage! Call your Realtor today!