It depends mostly upon your own situation. Are you ready to buy a home? If you are looking ahead five to 10 years and know this is where you plan on staying, now is definitely a great time to buy a home. Prices of homes are fairly low and when it comes to mortgage interest rates, there has never been a better time to buy. If you are waiting for more decline in home values, think again because interest rates are more likely to go higher than going lower. If rates do rise by the time you buy and even if home prices take a dip, you may end up paying more for the home. A one percent increase in interest rate will increase the monthly payment on a 30 year term $100,000 mortgage approximately $60.00 per month.