Mortagage Rates at multidecade lows
In efforts to boost the economy, the Fed has lowered overnight lending rates, which in turn have caused mortgage rates to fall. Although, I feel home prices have another 10-20% to go (depending on your locale) this is a good time to start getting a feel for what is out there (supply of homes) and what you can afford.
NY Times article about low rates. And a nice Rent VS Buy calculator.
Seasonally, homes sell more in the spring and early summer. Putting it all out on a limb, my guess is the sweet spot for a home purchase is in later half of 2010.
