Now may be a good time to consider buying a home. If you have good credit. The San Jose Mercury News is reporting the following:

Mortgage rates around the country edged down this week, with rates on 30-year home loans sinking to their lowest point in a month, good news for prospective buyers.

Right now, with lenders tightening their standards for loans, and people wary of the current housing market, applications for new home mortgages are dropping. And that means that lenders are trying to lure you in. If you have good credit, you might be able to take advantage of a better interest rate on a home loan.

I can tell you I’m happy. We’ve done a deal with our lender that locks in our interest rate. What that means is that if rates go up, we’re protected. But if they go down before our home loan goes through, then we can take the lower rate. So maybe all this horror with the home loan will work out better after all.