Our Congress and President signed into law the extended temporary first time home buyers tax credit of up to $8,000 through the spring of 2010. To qualify the buyer must sign a purchase agreement by April 30, 2010 and must close on the property by June 30, 2010. And you can not have owned a home in the last five years. The law also added a new tax credit of up to $6,500 for certain repeat home buyers if they have lived in their home for the last five years. As for the current interest rate the 30 year fixed rate at Wells Fargo for November 16, 2009 is: 4.875% APR of 5.681% on a 400,000 home on a conventional loan.