Many of us thought that rates would continue to rise, and have been pleasantly surprised. New buyers, and even those who haven't bought in a while, should be reminded that the price you pay for a property is often less important than the monthly payment you have. When you get prequalified, you should ask for those numbers, at least the ones around your target range. You can tell by the monthly amount what you can afford, and that's the number to focus on, when you sign a contract.
Usually rates go up in the spring, and down in the fall. They are usually at their lowest around Election Day. However, that's not when most people want to buy--that would be now. Seize the moment, and capture the current rate. Don't miss out, and later wonder why you waited!
