Everyday I get a new e-blast or hear an advertisement promoting how low interest rates currently are and how they will not remain that way forever.  While you can conjecture all day long about how long these low rates will last the fact that these rates are at historic lows can NOT be argued.  These low rates make owning a home much more affordable.

Take a $250,000 condo where you put 20% ($50K) down.  Assuming you secure a 4.5% 30 year fixed rate your monthly payment will be approximately $1,023 per month.  Now assume your interest rate jumps to 6% suddenly your payment becomes $1,210 per month – an increase of nearly 20%!!!  If you put less money down the increase in the monthly mortgage payment will be even more substantial.

Point being – if you are in the market for a new home, strike while the iron is hot and take advantage of these historically low interest rates.  The advertisements in this are not misleading.