Mortgage rates this week have been relatively flat from last week with 30 year fixed rates sitting right at 6.5%. Applications for home mortgages have dropped to their lowest point in almost 8 years meaning that there are fewer potential home buyers in the market right now. What does this mean to current home buyers? This means there will be less buyer competition making today’s market a great time to buy a house. Another piece of good news was made official as President Bush signed off on the housing rescue bill. This bill includes $7,500 tax credit for first time home buyers who but before July 1, 2009!