With mortgage rates up nearly a full percent in the last several weeks, buyers are beginning to ask, "Did I miss the market?" and "Should I wait until rates come back down?" The answers are no and no.
To check this theory, look in a mirror and say loudly, "I think an interest rate of 4.5% is too high!" When you get done laughing, remember that interest rates have been as high as 17%! Interest rates may have risen, but they continue to be very affordable.
As far as the other question goes...waiting until rates come back down to 3.5%....well....the last time that happened was 1971....so....based on historical data, as long as you are content with the idea of paying rent for another 42 years or so...yes...by all means wait it out. However, if the idea of paying off someone else's 30 year mortgage entirely, and then possibly waiting another 12 years doesn't appeal to you, then it is absolutely a good time to buy a house.
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