Mortgage interest rates continue to fall, making homes even more affordable and more attractive. However, qualifying for a mortgage can be the biggest road block to cashing in on these low interest rates.

Freddie Mac reports the average rate for a 30-year, fixed-rate loan, the most popular mortgage product, dropped to 3.62 percent from 3.66 percent last week.

As the mortgage rate drops, so does a buyer’s monthly payment. So if you narrowly missed getting a loan the first time around, you should think about trying again. With the lower rate and lower monthly payment, the home you want to buy might now be in your price range.

Of course there are other factors to consider such as credit scores and down payment options.

If you aren’t in a position to buy a new home, you can still take advantage of the record low interest rates by refinancing. While refinancing does not come without its own hurdles, you could end up saving thousands of dollars over the lifetime of your loan.

Finally, if you really want to take advantage of low interest rates and see significant cost savings with your loan, repay it early. Check out how here.