Whether you’re in the market for your first home or just moving up this latest dip in interest rates today is great news for US buyers. According to the Chicago Times the 30 year fixed rate has dropped to an average of 5.98%. That’s the lowest rate we’ve seen in about 5 weeks where it’s been hovering over the 6% mark. If you don’t think that the drop is significant enough to care. You couldn’t be more wrong for over 30 years it makes a substantial difference in what you’ll pay out in interest.

And of course if the 30 year rates dropped so did the 15 year rates to 5.55% and the 5 year rates are sitting at 5.61%. There’s no question – if you’re thinking about buying a house these rates just can’t be beat. Compare these to the rates of the 1980’s when we were seeing rates in the 20% mark. Who knows when the next time we’ll see such great rates again.

According to thestar.com rates in Canada have also taken a drop with a 5 year rate of 6.65%. The finance gurus say the drop in rates is directly linked to the performance of the bond market. It seems Canada expects to lower rates again in June, and it’s likely the US will do something similar.

It’s not really about a .02 change on a 30 year mortgage. It’s about realizing that we are seeing the best rates in a very long time. It’s about recognizing that you might not see these low rates again in your lifetime. So if you are thinking about buying a home now is the time to make that commitment! Get yourself into the housing market and begin to enjoy the benefits of owning a home and building equity.