Freddie Mac reports that the 30-year fixed mortgage rate fell to 5.17 percent down from 5.47 percent last week, which is the lowest it has been since the survey's inception in 1971, in response to the Federal Reserve's cut in the federal funds rate to near zero.

Interest on 15-year fixed loans has also slipped from 5.20 percent to 4.92 percent.

Meanwhile, the five-year hybrid adjustable mortgage rate dropped from 5.82 percent to 5.6 percent. The one-year ARM dipped from 5.09 percent to 4.94 percent.

Last year, the 30-year fixed rate stood at 6.14 percent, the 15-year fixed rate at 5.79 percent, the five-year hybrid ARM at 5.9 percent, and the one-year ARM at 5.51 percent.

It's a great time to get a loan!