Buying a home can be stressful, but buying when mortgage interest rates are low can make it less painful on your wallet. Right now, interest rates are averaging around 3.5% and in Erie some are securing rates as low as 3%.

Why are low rates something to be excited about? If you're in the market to buy a house, realtors are saying you'll have more purchasing power. Historically, rates have ranged from 6-9% and some years it even reached as high as 17. Over the past few years, rates have hovered around 4-5%.

"Right now, because you can lock in interest rates so low, a buyer may be able to afford maybe instead of a $150,000 house, maybe a buyer in this market can afford a $200,000 house and still have a comfortable payment," Jake Scheloske said. Scheloske is the VP of Sales at Agresti Real Estate and is the top residential sales producer in both Erie and Crawford counties.

The low rates can be good for sellers too because more people are able to afford to buy a house. For home buying tips, click here.