Consumers hoping to buy a home are in a better position to do so, thanks to slightly lower interest rates.

According to the National Association of Home Builders (NAHB) /Wells Fargo Housing Opportunity Index (HOI), there was a slight increase in nationwide housing affordability in the fourth quarter of 2014.

In all, 62.8% of new and previously-owned homes sold between the beginning of October and end of December were affordable to families earning the U.S. median income of $63,900. That's a 1% improvement from the third quarter.

The national median home price fell from $220,800 in the third quarter to $215,000 in the final three months of the year, while, average mortgage interest rates dipped to 4.29% from 4.35% in the same period.

“Affordable home prices, historically low mortgage rates and an improving job market will release pent-up demand and help keep the housing market moving forward in the year ahead,” said NAHB Chief Economist David Crowe.