By Emily Wood
 
November 28, 2008
 
CENTRAL POINT, Ore. -- Despite tough economic times and a crumbling housing market, mortgage experts say now is one of the best times to either buy a home or refinance.
 
This week, the interest rate on a 30-year fixed mortgage dropped to 5.375 percent. Local experts say the economic stimulus packages being introduced in Congress are what's causing the dramatic drop in rates. Because the government is now trying to buy back some of those mortgage backed properties, people looking to buy a home, build, or refinance have an advantage.
 
"Great time to refinance. If you were looking to do that at this point, or if you you're looking to buy a house, have been kinda sitting on the fence, build a home, any of those things, it's a great time right now just due to those reduced interest rates," says Home Mortgage Consultant David Sprague.
 
Due to instability in the markets there is no way to predict how long this rate will last. Mortgage lenders say the biggest problem is reducing people's fears about buying a house and trying to get financing.