Thirty-year fixed mortgage rates have been tracked since 1971, and never before has going rate for 30yr fixed mortgages fallen below 5.0%, until now.

Freddie Mac's rate is reportedly 4.96%. That's not just a record low rate its dirt cheap for anything, especially 30-year money. You can't finance virtually anything on a long-term basis nearly that cheap, but now qualifying borrowers can finance their most expensive purchase for 30-years at below 5.0%.

These low rates won't help people who have recently missed payments or lost a job, but for those sitting on the sidelines or waiting to buy their first place... rates are now lower than they ever have been before.

• See Bloomberg for more