Housing Prices down, interest rates up

One thing some people forget while they are waiting for housing prices to come down is that the savings can be minimal-to-none if the interest rates rise in the mean time. The best time to buy, of course, is when prices are down AND interest rates are low. It's difficult to predict either eventuality, let alone both.

Freddie Mac reports a jump in the 30-year fixed mortgage rate to 6.08 percent during the week ended May 29 from 5.98 percent the prior week, marking a two-month high triggered by investor concern over inflation.