Interesting Statistics...FYI

I came across some interesting statistics on the economy and homeownership in particular. In January 2012 the average mortgage interest rate was 3.9%, which is an awesome rate. The interesting part of this statistic is that according to the 2012 UCLA Anderson Forecast, the expected average mortgage interest rate is expected to be 7.3% within two years. If that is not a motivating factor to try to jump into this housing market, I don't know what is. This change in interest rate will be gradual, but what that does to your monthly payment would be to increase it by $1,000 per month. This is based on the current median sales price. I don't know too many people that can handle an increase of $1,000 per month to their overhead over the course of two years. By purchasing at today's lower interest rates with the reduced prices of homes, that would amount to a savings of $345,000 over the course of a thirty-year fixed-rate loan.