Well, if you were waiting for the best time to buy a home, you may have just missed it. Prices have come down 10-20%, and rates have been at historical lows, where you could get a fixed rate mortgage for under 6%, perhaps even less than 5.75%. In the last week or so, rates have been moved up to 6.5%, perhaps more. So, while you may be buying a house for less than a year ago, your monthly payment may be very similar.
The good news is that rates are still at historic lows and the local market prices seem to be stablizing (especially Renaissance in North Brunswick - man, its hot!), so all is not lost. However, with rising inflation, I'm not sure how much longer the rates will stay where they are before they go up again.
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