HAUPPAUGE - Potential homebuyers and those looking to refinance are getting a big break as fixed mortgage rates drop to a historic new low.

The average 30-year fixed mortgage rate is now at four percent, allowing the dream of buying a home to become a reality for many Long Islanders.

David Rodriguez, 27, just closed on his first home in Baldwin today with the help of the Long Island Housing Partnership. He says he had been trying to buy for more than a year.

Bethpage Federal Credit Union CFO Brian Clarke says that when it comes to refinancing, volume has tripled within the past month. However, other experts say the low rates aren't doing much for some home sales because many people still don't have enough cash or home equity to get a loan.