REALTOR Magazine is reporting that the 30 year fixed mortgage rate dropped 8 basis points this week, averaging 3.57%. At this time last year, the average was 4.90%. My mom came into the real estate business in 1979. At her first closing, the buyer's interest rate was 17.0%. She truly believed that my sister and I would never be able to buy our own homes when we grew up. Today's buyers have a golden opportunity with these low rates. What are you waiting for?