4.25 for 15 years, and 4.9 for 30 years.  Yikes.  If you can buy you should. 

You probably know in your heart if you are ready for that first home, or a vacation home--either emotionally or financially.  But, if you have any question financially, talk to a good mortgage lender.  They will help you confirm what you probably already know.

The other benefit will be that when you are ready to buy, you'll have a preapproval all set to go.  Let me share a little story with you.

A couple of weeks ago a nice young couple was referred to me on a Saturday morning, they wanted to look at a home in Sturgeon Bay that just went on the market.  I was in town so we looked that very afternoon.  They loved the house, wanted to make an offer right away. 

This particular seller, the home was a foreclosure and bank owned, required a letter of preapproval to accompany the offer.  My young couple didn't have a letter so on Monday they went to their banker.  The letter of preapproval takes several days, and in the meantime the little house went under contract with a buyer who had their letter of preapproval.  We presented an offer, but without the letter of preapproval it was not considered.

When a bank is the seller, they don't wait for the next offer--they take the offer that is there and acceptable.  Most sellers won't wait for another offer, they'll take the bird-in-the-hand.  In cases like these, great homes at fantastic prices, the early bird gets the worm!

So, talk to your banker.  Ask them to have a letter of preapproval ready for you.  Then, when the right home comes along for you,  you'll be ready and you'll be the early bird!