I just got an email notifying me that FHA Mortgages are at their lowest point in 46 years! The par rate is 4.5%. That means if you pay more up front, you can get an even less expensive rate.
BankRate.com has the par rate of some 30 year fixed conventional rates at 4.534%, 15 year fixed mortgages at 4.058%, and 5 year arms at 3.1%! Incredible.
From a monthly payment, standpoint, you are going to be paying a lot less on your home. These ridiculously low mortgage rates make it an incredible time to buy or refinance. Who knows how long they will last.