And now, even the 30 year fixed mortgage rate is at a low. Home prices almost everywhere have fallen. If you want to buy a home, and you have the credit qualifications, it's a great time to buy.

So what changed?

Because of the housing slowdown, mortgage rates have dropped. Since houses aren't selling, lenders are doing everything they can to entice buyers, including low lending rates. Treasury securities and the housing slowdown helped force mortgage rates down.

Home prices are lower now than last year, and down in most states according to the National Association of Realtors. Buyers with sound credit have a ton of bargaining power. For some, real estate appraisals are producing lower home values, allowing buyers to renegotiate the price.

Lenders fear the subprime market crisis will continue, but still some offer jumbo loans. Community and national banks have stepped in to offer these. They can fund them with customer deposits. Many lenders have abandoned these jumbo loans.

Finally, rates on ARM's, which are almost always based on Treasury yields, have fallen. This brings prices down all around.

Think - what better time than now to buy that home you've been putting off for so long. Now is the time because it probably won't get much better than this.

First, find your credit score. You can do this easily and online. Secondly, shop the local lenders first. See if they can offer you a loan that may start out low, but not get out of hand down the road. Then take the time to ponder the market. Make sure you are knowledgeable about what is going on and think of ways you can take advantage of it.

It always makes sense to contact a real estate attorney before you commit to a long term loan. These real estate lawyers can help you figure out if later on you can actually afford the payments of a jumbo type loan.