Many homebuyers — at least those with good credit records — have no problem in obtaining a needed mortgage at very low rates historically. That may surprise some readers, after hearing all the bad news about problems plaguing mortgage companies and the lack of availability of certain types of loans stemming from the problem-prone subprime mortgages.

At this writing, prime mortgage interest rates are creeping up a bit, but are still at very low levels. Funds are readily available for these loans if applicants have good credit histories.

This, along with home prices that have stabilized or lowered in most markets and sellers who are highly motivated, present a window of opportunity for today's home buyers.

"Interest rates on prime conforming fixed-rate mortgages are ticking up a bit in line with 10-year Treasury rate movements," said Frank Nothaft, chief economist for Freddie Mac, a major government-sponsored buyer of home mortgages. "Problems in the non-prime mortgage market where funds are expensive and hard-to-get has not affected the prime conforming market."

Mortgages that are difficult to find today at reasonable rates are subprime mortgages (needed by borrowers with poor or marginal credit records), and "jumbo" mortgages (large loans more than $417,000 in most areas of the country).

The home building industry is experiencing really tough times. The number of construction starts is at the lowest point since January 1997, according to a report from the National Association of Home Builders.

"Builders are doing exactly what they should be doing at this point, working down their inventories and helping the market get back on track," said Brian Catalde, NAHB president. "Builders are producing fewer new homes, pulling fewer permits for future projects and stepping up buyer incentives to move their unsold inventory.

"Declining construction starts and permits clearly reflect deepening problems created by the subprime mortgage market that erupted early this year. These problems are deepening the housing downswing, delaying the subsequent recovery and adding significant uncertainty to our forecasts."

NAHB expects new-home sales to stabilize by the end of this year, and housing starts will start to grow again by mid-2008.

We expect overall economic conditions, including solid job and income growth, to continue to be supportive of housing. And interest rates in government-related components of the mortgage market will remain favorable on a historical basis," said David Seiders, NAHB's chief economist.

Despite periodic problems with mortgages, we have the best home financing system in the world. People of the Muslim faith, for example, are forbidden to pay interest, making it very difficult to finance the purchase of a home.

To comply with Islamic law, adherents must devise methods that are often more costly and risky. One concept is for a lender to actually take title to the property, then sell it back to the client in increments spread over 15 to 30 years.

(Jim Woodard, a Ventura resident, writes a nationally syndicated column and freelance features in addition to his Star columns. He is also a storyteller with a Web site at: www.jimwoodard.net/. E-mail: Storyjim@aol.com.)