Year after year there have been widely held expectations for interest rates to go up. We know they have to eventually but the real question is WHEN? Economists predicted higher rates last year when rates actually ended up falling. There is still speculation that rates will go up again soon but only slightly. These low rates have created a push for potential home buyers to take advantage and move forward in buying. Although interest rates are a big factor when needing to take out a loan for a home purchase there are other things to keep in mind that are AS important if not more so in some cases. How long do you plan to be in the home? On average it takes four to seven years to break even and cover the cost of the transaction plus the cost of ownership. What do you have for down payment? Putting at least 20% down is going to save you from having to pay private mortgage insurance each month. How’s your job security? Being both financially and emotionally ready to make the right decision is important.