Mortgage rates fell to the lowest level in decades as concerns grow that the economy is weakening.

The average rate for a 30-year fixed loan is now 4.36 percent this week, which is down from 4.42 percent last week.

That's the lowest since Freddie Mac began tracking rates.

With mortgage rates at an all-time low, Realtors are encouraging buyers to take advantage of this opportunity.

Savannah Benson is a first time homebuyer.

She and her fiance Anthony took advantage of these historically low mortgage rates.

"I had my house inspected and it was inspected for $70,000 more than what I actually paid for it so that was really awesome," comments Benson.

The couple began searching for a new home six months ago and says they couldn't afford anything at that time.

"It was like, if you could afford it, it was totally a fixer-upper. You could not have a nice home for the price you have now," says Benson.

Real estate agents are saying now is the perfect time to buy.

"With the rates being at an all-time low, that should encourage more and more buyers to be coming into the market. There is no reason that buyers are not buying and sellers are not selling," says Pam Estes with Old Dominion Realty.

However, fewer people are purchasing homes.

"The applications have been steady. It's mainly refinances since the tax credit went away the purchases have slowed down. We're not seeing as many. I would say 80 percent of our business is refinance," says Debbie Huntley, with Suntrust Bank.

She says there are some misconceptions out there for people who are a little apprehensive about buying or selling.

"A lot of times you hear, 'Oh you have a low credit score and you can't buy a house or get a loan.' That's not the case," explains Huntley. "For FHA for example, depending on the lender it could be a 620 credit score or 640."

Huntley says there are programs out there for people who are looking for a little assistance.

As for Benson, she suggests, "Talk to a real estate agent. They're much more of a helper than I am."

Realtors say they are unsure how long these low interest rates will last.