Today in Realty Times was published their report of falling interest rates.  According to Freddie Mac the average rate for 30-year fixed rate mortgages has fallen to 5.19%, the lowest since 1971.  There are predictions that the rates will fall further, but there are also predictions that they will rise faster than they fall.  Even USA Today the other day trumpeted the good news that rates were the lowest in 50 years.

Although in Somerset County, New Jersey real estate inventories are no longer at record highs, there are opportunities out there for those who have the courage, solid employment and credit to get off the fence.  It's unlikely that 30-year interest rates will fall much below 5%, and if they do, it probably won't be for long. 

Is 5% a magic number for you?  Last year at this time rates were about 6%.  On a mortgage of $300,000 the difference is nearly $200 per month.  Is that enough to make a difference to you?  Let me know your thoughts.