Foreclosures

Will be hiring a bus to tour foreclosures in our area of Fairafield County.(Danbury, Brookfield, Bethel, New Fairfield, etc.)  As of today I eard the interest rate is 4 1/2%.  Could that be true?  The foreclosures seem to be in the 150,000 to 300,000 price range.  Since they announced a $7,500 payment for first time homebuyers, it should be a stimulus to purchase.  I will be waiting....