Mortgage rates fell last week according to Bankrate.com hitting or matching modern record lows.

The 30-year fixed-rate mortgage  rate average fell to 4.42 percent according Bankrate.com's weekly national survey. The 30-year fixed rate of 4.42 percent matched a record low Bankrate's weekly survey. The same record low was set two weeks ago in the same survey.  According to the National Bureau of Economic Research's statistics on FHA-insured loans, Rates haven't been lower since March 1953.

Weekly national mortgage survey:

Results of Bankrate.com's Nov. 3, 2010, weekly national survey of large lenders and the effect on monthly payments for a $165,000 loan:

  30-year fixed 15-year fixed 5-year ARM
This week's rate: 4.42% 3.81% 3.57%
Change from last week: -0.09 -0.09 -0.1
Monthly payment: $828.21 $1,204.83 $747.39
Change from last week: -$8.80 -$7.40 -$9.28
You can read Bankrate's full article here. 

Source: Bankrate.com

So what's the takeaway? There is no better time to buy a home taking advantage of the fantastic rates coupled with values that are above prices and homes that are more affordable than in years past.