The new low mortgage rates are a result from dropping Treasury yields with investors predicting purchasing by the Federal Reserve to help the economy. After a weak employment report, the 10-year yield hit a low for the tear at 2.39 percent on October 6, 2010.Even with these historically low mortgage rates, home buyers are not entering the market at a rate that will lead to a recovery. Fall and winter months usually have lower home buying activity, so any recovery is not expected until the spring of 2011, at the earliest.Congress has shown no signs of anymore home buying incentives, so if you are on the fence waiting, now could not be a better time, especially if you are a first time home buyer. Prices are low and mortgage rates are excellent. Stop by your local credit union and get started on the path toward homeownership. You will thank yourself after the housing market recovers leading to higher mortgage rates and home prices. If you buy before the recovery, your home investment will very likely increase in value, giving you better purchasing power if you trade-up down the road.