The other day I was commenting to my husband how the "average" 30 year mortgage rate was around 3.8%  His comment "why don't you hear about that on the news?"  Good point. I can assure that as rates inch up the low 4's it will be all over the media how rates are climbing. The reality check though is to realize that even if rates climb to 5 or 6 - they are still good rates. There was a time in the not so distant past that interest rates were in the double digits - and people still bought homes.  I think with rates at their current low rate, many who are "waiting" for the housing market to get better will kick themselves that they did not take advantage of rates when they are their current historic lows. Why?  Because low rates mean lower mortgage payments meaning you can either afford a home that is worth more OR you can shell out less money allowing you to save more.

As this article states, 2012 looks to be a bright year when it comes to housing. 
http://www.housingwire.com/2011/12/05/barclays-analyst-sees-housing-rebound-coming-in-2012?utm_source=twitterfeed&utm_medium=twitter&utm_campaign=Feed%3A+housingwire%2FuOVI+%28HousingWire%29