Careful Marion, interest rate rises are home value killers. That’s likely to be the final stake in the heart of the housing market causing values to crash precipitously. I plan on buying my first home too but plan on waiting until the Treasury market takes a dive and housing has reacted. I’ll be paying massive interest but not worrying as much about soon losing the down payment equity.

Also remember that FFR does not dictate mortgage rates. The 10 year U.S. Treasury rate is most closely tied to mortgage rates.