Interest rates are one of the biggest factors that determine when and how much a buyer could purchase a home for. When rates are high, your purchasing power is much lower due to “debt-to-income” ratios. Does that mean you shouldn’t buy? NO! Rates can fluctuate at ANY time- so there is never really a PERFECT time to buy, and if you are waiting for that, you may end up costing yourself more money in the long run. The best advice I can give, is if buying a home is a high priority for you, then pull the trigger. The great news is if you purchase a home at a higher rate and rates start to go down, you can always look in to refinancing options to lower both your interest and in most cases your monthly payment- its a WIN-WIN.
Thankfully, rates are low right now and have been for quite some time (crosses fingers that continues). The best thing you can do is meet with a Realtor to get recommendation on trusted loan officers that can help you make the best decision based on your current financial picture.
No matter what the rates are though, every rent payment you make is building someone else bank account. Keep that money where it belongs…in YOUR pocket!