Last week, mortgage loan applications fell. With the news that the housing market was starting to move again, and concerns about interest rates rising, fewer people applied for home loans. However, this week is a new story. Mortgage interest rates have dropped again, and mortgage applications are on the rise again.

Indeed, now is the time to buy a home, especially for first time home buyers. The deadline for the $8,000 tax credit for first time home buyers is approaching; those who do not initiate mortgage applications in the next week or two may find that they do not have sufficient time to close before Thanksgiving. While the deadline is November 30, things are likely to be clogged past the middle of November, and it is in your best interest to get a move on as soon as possible.

Right now, with mortgage interest rates down again, you might find that it’s a good time to buy — or even to refinance.