The 30 year mortgage rate hits rock bottom again.

This just re-confirms why this is an amazing time to buy a home, another record has been set with the 30 year mortgage rate. Freddie Mac’s said the 30-year fixed mortgage rate slipped to 4.44% for the week of August, 9th 2010. This is the lowest mortgage rate since it began tracking the rate in 1971. If you have been waiting on the sideline, this is a great time to jump in and buy a house. Last week’s rates stood at 4.49%, and a year ago it was at 5.29%, which was still historically low.

The 15-year fixed mortgage rate also dropped this week to 3%, that is down from 3.95% last week and from 4.68% a year ago.

Adjustable-rate mortgages also declined, with the 5-year mortgage rate falling to 3.56% this week, the lowest since 2005 when the lender began tracking it. Again, if you can afford a home you may seriously want to consider taking advantage of these historically low mortgage rates.