Mortgage Rates at All Time Low

Since my last post regarding the big new home sales drop in May, a positive indicator is in the news for late last week. Mortgage Rates last week for a 30 year fixed rate reached an all time low. It is the lowest of record since data was kept in 1971 and lower than rates in the 50's (now approx 4.69%). Some real estate companies (http://www.garygreene.com/blog/) are pushing the fact that this low rate means even more savings than the $8000 first time buyers tax credit that expired in April 2010.

Shaving interest costs per month over the life of the loan should be a marketing push for realtors this season while rates are low (ie $250,000 loan @4.69% vs 5.25% shaves more than $25,000+ off the total interest paid in 30 years).

Do you think buyers will value these savings as much as the more immediate cash incentives offered by the credit?