It's just good luck for post-Super Bowl home buyers this week.  On the heels of less-than-hawking testimony from Fed Chairman Ben Bernanke, mortgage rates have dropped by about 0.25% across the board.

The impact of lower rates is palpable.  A $300,000, 30-year fixed mortgage is now $49 less expensive per month and a similar 5-year ARM with interest only option is $62.50 less expensive per month.

Savings add up over time.  At a 5% rate, $62.50 grows to $4,250 in 5 years.

The best part is a lot of folks are going to benefit from the drop -- purchase contracts are arriving in our office at a dizzying clip right now.

Now, the key is: just because rates dropped doesn't mean you should buy a bigger home.  Treat lower rates like a reverse form of "found money" and maybe one day that money will find you -- in need of $4,250.

Dan Green is an active loan officer. Email or call 513-443-2020. Dan is on Twitter at @mortgagereports.