As prospective buyers deliberate about how long they wish to wait before purchasing a home, they should bear in mind that there is more to the homeownership equation than housing prices. The fact is that mortgage rates are at historical lows, and no one can gauge with any certainty how long they will remain so. As interest rates rise, the increased cost of borrowing can add to the cost of homeownership as much as rising real estate prices. At the present time, both home prices and mortgages rates are relatively low, which begs the question: How long can this fortunate set of circumstances be expected to last? We may just look back on this time as a tremendous buying opportunity.
HINT: To make the most of low mortgage rates, review your credit score and make sure that it accurately reflects your creditworthiness.