@daltonL -- actually , isn't everyone under 'grace and mercy' since the cross. The Old Testament was pointing 'us' to the cross because we're not capable of totally obeying all the laws all the time. Salvation was originally for God's chosen people, the Jews -- however, because they as a people did not recognize Jesus as their Promised Messiah so salvation was extended to the rest of us -- Gentiles. So we are now in the time of the Gentiles , but after the Church is raptured up and out of here, God is going to the the Jews another chance to accept Him. He will work with them for 7 yrs.
Jesus came to fulfill the law. He became the Final sacrifice -- the perfect Lamb of God.