In each of the last two weeks, the interest rate on a fifteen year mortgage has fallen to an all time low. Last week the rate dropped to under 2.6% with an average closing cost equal to three quarters of point. One point is the equivalent of one percent of the mortgage amount. The rate on a thirty year fixed rate loan also fell last week for the fifth week in a row to under 3.4%. The lowest rate seen for the 30 year fixed rate loan was three point three one percent and that was in November of 2012. With loans available at record low interest rates and home prices rising, now appears to be an excellent time to make a move if you have been sitting on the sidelines.