Mortgage Rates at an All-Time Low; Are You in a Position to Buy?

If you're looking to buy a home in Greenfield, or refinance your current one, now is the time to do it.

That is, of course, if you are in a financial position to purchase a home or qualify for the historically low rates.

According to the Associated Press, the average rate on a 30-year fixed mortgage is now 3.94 percent, the first time ever it has dipped below 4 percent.

For those looking to refinance, the story says the average rate on a 15-year fixed loan had dropped to a record-low 3.26 percent.

The rough economy coupled with high unemployment has led to one of the worst home sales years in the last 14, despite rates being below 5 percent for nearly the entire year.

In addition, according to the Associated Press, others don't qualify for the low rates because banks require higher credit scores or 20 percent down.