You still have a window of opportunity before interest rates tick up again. Interest rates have a very measurable impact on home affordability.
The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors have each projected that the 30 year fixed rate mortgage will have interest rates in excess of 5% by this time next year. The average of their four projections is 5.3%. The table below shows the impact this will have on a monthly principal and interest payment on a $250,000 mortgage.
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