The average rate for a 30 year mortgage fell again last week to 3.53%, down from 3.56% the week before. This is a new historic low for rates, the lowest since long term mortgages began in the 1950’s. This continued decline in mortgage rates has resulted in more buyers returning to the housing market. Those who are able to purchase but who remain “on the fence” waiting for either home prices to go lower or rates to fall further should be careful not to wait too long as real estate sales have been picking up and the economic uncertainty that has held rates down will not continue indefinitely. My recommendation to clients has been to take advantage of this opportunity to purchase while the affordability of real estate remains at historic highs.