In the recent weeks we have experienced increasing interest rates that have dramatically affected potential home owners' purchasing power. I believe that the rates will go back down but that it might not be until August or September before they go back down into the 4's. Historically, the peak for rates appears mostly in the summer months. Right now there are tons of other external forces at work especially with the US Government taking a larger role in the mortgage industry than ever before. So what should buyers do that have had to watch their dream homes slip away because of rising rates? The good news is that home prices are still falling month over month in Jacksonville and other areas within Northeast Florida. If buyers can wait until the end of t summer then the demand should go down slightly, home prices will have fallen & mortgage rates should drop making it one of the best times to buy a home.