In keeping with the research I do to insure my clients have the best advantages, I thought it may interest you to know how increasing interest rates affect buyers' power. The attached slide shows that if a buyer wants to keep their monthly payment to under $1050 per month, the buyer may think interest rates can increase but they can still get a monthly payment of less than $1050. That is true. However, look what it does to their buying power.
They lost $20,000 in buying power with just a 1% increase in the rate. Amazing! The houses available at $185,000 or less are not nearly as nice as those of $225,000 down to $200,000.
The old adage "time is money" is true. Sometimes the longer we wait the less power we have without knowing just how much of a difference it can make. Food for thought.