With interest rates at the lowest level we’ve ever witnessed, this might be the right time to say, “I’m getting off the fence and into my own home.” First time buyers have an opportunity like never before because of the cost of money and affordable housing.

At a time when we seem to be facing many challenges in the real estate market, fear can start to creep in. We all have these feelings at one time or another and the way people cope with it is to focus on taking positive action to remove the negative. In an article published by the National Association of Realtors, it stated that for the second straight week, mortgage rates reached a new milestone with 30-year and 15-year fixed-rate mortgages hitting record lows again, according to the Freddie Mac weekly mortgage market survey.

Something that buyers should consider when working with their realtor, is the change that occurred effective October 1, 2011 when FHA high balance conforming loans were reduced to $546,250, down from $697,500. Your agent will be your liaison with the mortgage and finance world so you won’t need to navigate these waters alone.

As Todd Pianin, President and Owner of Samuel Scott Financial Group, stated, “Interest rates are the lowest in our lifetime, which makes this a great time to get into a mortgage.” The average rate on the 30-year fixed mortgage fell below 4 percent for just the second time in history.

Freddie Mac stated the rate on the 30-year fixed loan fell to 3.99 percent, down from 4 percent last week. Five weeks ago it dropped to a record low of 3.94 percent, according to the National Bureau of Economic Research. The average rate on the 15-year fixed mortgage fell last week to 3.30 percent from 3.31 percent. Five weeks ago it too hit a record low of 3.26 percent. If you qualify, a VA loan is still an amazing source of funds with a lower down payment and cost. Take advantage of the programs that are out there. Don’t wait for the rates to go up.

Home loans are a long term agreement and these low rates can save you a lot more over the next 30 years. A 2011 Pew Research survey shows that our nation has high regard for homeownership with 81 percent feeling it is the best long term investment. With some encouraging news, we can face the hurdles ahead of us and not just survive these challenging times but choose to thrive in them.