30-Year Fixed Rate now at 4.875%, spurred by European debt crisis

Recent events abroad have prompted an enormous investment in the United States, helping to drive mortgage interest rates to levels not seen in decades.
These excerpts from an article published in The Wall Street Journal on May 24th, illustrate why NOW is the perfect time to purchase a new home:
“Rates can’t stay low forever. If they go up over the
Next year, purchasing now will look like a really bright decision.”
“A general rule of thumb holds that every one percentage point decline in mortgage rates is the equivalent of roughly a 10% reduction in the home price for the buyer.”
“By historical standards, rates are incredibly low.”