The bottom line is that today's buyer would save almost half a million dollars compared with a buyer
of 5 years ago -- less up front because of the lower sales price and less in interest over the life of the
loan.

"The interest rates are certainly are an encouraging factor for people to go out and purchase or refinance"
according to the President of the Greater Las Vegas Association of Realtors Kolleen Kelley.

"A quarter of a point probably won't make a difference on a monthly payment, but if it's half a point, a point, two points, now is the time to do it."

According to the Freddie Mac Primary Mortgage Market survey, the rate slid from 3.84% to 3.83% last week, the lowest since long term mortgages began in the 1950s.

Over the past two decades, 30 year fixed home loans averaged 6.9 percent. Over the past decade, they
averaged 5.93 percent. Slow U.S. job growth and financial uncertainty in Europe contributed to the
most recent drop.

Thirty years ago, borrowers paid upwards of 20% for home loans. Things have changed drastically
since then, but today's low mortgage rates and reduced prices come with a catch. Compared with
the days that led to the collapse of the housing market, lending practices are far tighter.

"You have to truly qualify, so it' not like everyone can run out and get a mortgage like they did in
the boom era."