Mortgage rates are down, if you are ready to buy a home and plan to stay in it for several years, this is just one more factor that is in your favor. What are the others?
Prices are way down and seller's are highly motivated, there are a lot of bargains to be found.
Take a look at this link to see the article related to the recent rate reductions:
http://www.realtor.org/RMODaily.nsf/pages/News2008112105?OpenDocument
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Have a great evening!