Buyers, if you have been sitting on the sidelines watching, now is a good time to buy!  Home prices have come down, interest rates are excellent, and banks are providing excellent loan packages. 

Housing industry observers are hopeful that the recent decline in mortgage rates will lead to a recovery in the market.

Freddie Mac reports that interest on 30-year, fixed loans fell for the fourth straight week, landing at their lowest level in nearly four years.

Economists say mortgage rates averaged 5.48 percent for the week ended Jan. 24 — down from 5.69 percent a week ago — because of the latest reports about the economy and because the Federal Reserve made its biggest cut in 20 years to a key interest rate.

Freddie Mac also reports that rates on 15-year mortgages declined to 4.95 percent from 5.21 percent, rates on five-year adjustable-rate mortgages dropped to 5.13 percent from 5.4 percent, and rates on one-year ARMs slipped to 4.99 percent from 5.26 percent.