Power of the Rate

Here is an example of why interest rates are so powerful to the home buyer:

A buyer makes $10,000 per month, this is what they might afford on a conventional type loan...


The moral of the story, rates drastically affect how much a buyer can afford so it is more important to buy when rates are low then to wait for prices to correct as lower rates will likely affect your payment more then a lower price.

Source: Bank of America Home Loans