"All indicators are pointing upward for interest rates in the coming New Year. As a real estate agent this is to me the biggest thing that will impact you when buying a home. If you wait to see if a home drops buy another 5% to jump in the market, it could cost you more in the long run if rates go up. A good rule of thumb is for every 1% that the rates rises you as a buyer lose 10% of your purchasing power. To put it another way if you are buying a $250,000 home at 4.5% and rates rise to 5.5% the same payment now buys you a $225,000 home. There will be foreclosures to..."
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