Conventional 30-year fixed-rate mortgage rates dropped have to 3.62% nationwide, on average. Rates are now the lowest in 55 weeks.  Rates had been forecasted to reach over 5% this year, but with recent economic woes, rates are actually dropping.

As mortgage rates drop, home buyers are now able to purchase "larger" homes than they otherwise would have been able to qualify for previously.

If you've been deciding whether it's a good time to buy a home and lock in your mortgage rate.... the answer undoubtedly is "yes"!