4.5% for a 30-Year Fixed-Rate?

Looking for a house, but waiting for the market to bottom? Don’t wait too long. Five or 10 years from now, when the financial crisis is a story you remember over a glass of single malt, first-time home buyers will look at this moment in time and realize the golden opportunity they passed up. Rates on 30-year fixed-rate mortgages are close to 5.5% now, and this week there are suggestions the Fed might soon drive them down to 4.5%! Pretty good for a 30-year fixed. So good, NY Times financial columnist Ron Lieber says it might be time to get off the sidelines. And if your credit score isn’t 720 or higher, he says, take steps for the next several months to improve your score and qualify for many of the best mortgage rates.