People that have the opportunity to purchase a home now should possibly consider it according to the following example:

You are 30 and in the market for homes that are under the $300,000 range. Let’s say you have settled on a condo that is worth $250,000 today. Today’s rate of 4.41 percent (which historically is considered very low) for your monthly mortgage payment on a 30-year fixed loan will mean that you will need to pay $1,253,38 per month. Let’s say you decide to wait on it since the new home buying process is a massive undertaking. You wait until you’re 31 and suddenly that same house is now $270,000 with a 5.7 percent interest rate. Now your monthly payment becomes $1,567.08 resulting in $313.70 increase per month. This new mortgage rate of 5.7 percent will make bring your annual additional cost to $3,764.40.

Let’s fast forward to age 61. You are now at the end of your 30-year loan period and have paid $112,932 more than you needed to. This substantial figure can be avoided with the help of a knowledgeable agent that understands the potential risk of waiting to buy.