Just when it looked like mortgage rates couldn’t possibly drop any more than they already had, a new record low of 3.66% for 30-year fixed-rate mortgages was cited in Freddie Mac’s latest survey of lenders.

Ridiculously low interest rates have potential homebuyers getting their butts in gear because, as we all know, rock-bottom rates will only last for so long. Plus, with home values still recovering, there are excellent deals to be had.

To qualify for a 30-year mortgage at 3.66%, buyers must have excellent credit and a 20% down payment. Those with impeccable credit and available funds will be able to secure rates even lower than 3.66%, however it depends on a plethora of variables.