Despite mortgage rates, you should buy a home right now

You can’t measure the housing market.

This statement, on the surface, seems like it could be wrong, but over 50 years of sales data generally shows that the right time to buy a home is always now. Home prices, of course, vary by market, but nationally, they’ve been rising steadily since the 1960s, according to data from the Federal Reserve Bank of St. Louis.

Mortgage rates, which have effectively doubled from 2.9% a year ago to 5.89% as of Sept. 8, are a factor, but waiting for rates to fall is a dangerous game. If mortgage rates fall, more people are likely to return to the housing market. This will push prices higher.

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