I recently purchased a new home. I was told by a friend who is a banker that I should have recieved something called a "right of rescission". He said that this would give me three days to decide if I wanted to change my mind on the home loan. I didn't but I just wanted to know why I didn't one and what are my rights?

recission doesn't apply to purchase money.

If the purchaser used collateral in his existing dwelling to purchase new dwelling (bridge loan) ROR would apply.

A general, non-technical explanation is if you are refinancing the loan on your primary home, you would have a right to rescend. If you are purchasing a home you do not have the right to rescend the loan.

There are other technicalities, but the above would cover most transactions.

Reg Z Commentary
226.23
4. Special rule for principal dwelling. Notwithstanding the general rule that consumers may have only one principal dwelling, when the consumer is acquiring or constructing a new principal dwelling, any loan subject to Regulation Z and secured by the equity in the consumer's current principal dwelling (for example, a bridge loan) is subject to the right of rescission regardless of the purpose of that loan. For example, if a consumer whose principal dwelling is currently A builds B, to be occupied by the consumer upon completion of construction, a construction loan to finance B and secured by A is subject to the right of rescission. A loan secured by both A and B is, likewise, rescindable.