According to Freddie Mac, the 30-year fixed-rate mortgage averaged 5.04 percent with an average 0.7 point for the week ending February 19, 2009, down from last week when it averaged 5.16 percent. Last year at this time, the 30-year fixed-rate mortgage averaged 6.04 percent.

Now has never been a better time to buy if you have the credit and income to do so. Not only are interest rates historically low but now coupled with the $8,000 first time tax credit your actually going to be getting paid to buy a house.

Auburn New York home appreciation has actually risen 6.51 percent from 2007 whereas nationally home values have depreciated by 11 percent in 2008. Now is a great time to buy in Auburn NY and the Finger Lakes regions. Central New York never really experienced the huge housing boom so we are really not feeling the effects of the housing crisis the same way the rest of the county is. So take advantage of it now while rates are low and incentives are high.