If you’re in the market to buy or refinance a home, from the perspective of borrowing interest rates, it doesn’t get any better than current market conditions.

That’s right, 30 year fixed-rate mortgage rates have hit an ALL TIME low. The rate was 3.89% last week, compared to 4.74% a year ago.

That’s obviously good news for borrowers, so long as you can qualify for a loan. It’s no secret that lenders have tightened their belts when it comes to lending — at least compared to the aggressive lending prior to the financial crisis.

Better credit ratings are needed for borrowers, a higher down payment, and other changes have made it more difficult for many borrowers to qualify for that home loan.

In addition to the low 30 year fixed rate noted above, the average 15 year fixed rate is around 3.17%, which is also a low rate from a historical perspective.

The people in the market for those home loans are people that are both a) buying new homes, or b) refinancing existing home loans. Refinancing existing loans at a lower rate should lower monthly payments, and increase the amount of available money in a family’s monthly budget — good things for the overall economy.