I so enjoy receiving Floyd's Mortgage Facts:

Fact #1:  Buying a home today is more affordable than any time since 1971 (when I was just a kid). According to the National Association of Realtors' "Housing Affordability Index" just released, purchasing a home is more affordable today than at any time since they started to produce this report back in 1971!

Fact #2:  What does that mean in the real world?  It means that the decline in home prices, coupled with the decline in interest rates, makes purchasing a home more affordable than ever in the last 38 years!

Fact #3:  Here is an example for today.  A young couple wants to purchase their first home for say $450,000 here in our local community.  If they put 10% down the payments (including taxes, insurance and pmi) would be under $3000 per month with a 30-year fixed rate, fully amortized loan at 5.25%!! With the income tax savings and right now an $8000 first-time homebuyers credit, it makes a lot of sense to at least explore purchasing that first little home!

Fact #4:  For move-up buyers, or for those thinking about a refinance to take advantage of continuing low mortgage rates know this; for every $100,000 you borrow the payments are about $550 per month on a 30 year fixed rate loan at 5.25%.  Not Bad!