Looking to buy a new house?

I'm looking to buuy a new home and the mortgage rate currently is about 5.5 in PA. I want to take advantage of the 8k rebate they are giving. Anyone have any insight on whether the rate is planning to go down or if they're going to increase the 8k to 15k?Looking to buy a new house?
My crystal ball is cloudy right now.Looking to buy a new house?
Rates will probably inch upwards and no one knows anything about the 15k or any extension of the $8k past 12/1/09. Just internet rumors and nothing is close to even passing that deals with either. If you can afford the house now, go for it.
If you find a place you like, buy now and don't look back. The interest rates might go up or down by the end of the year. Housing prices might also go higher or lower by then. And, they may extend or increase the tax credit, or it may stop altogether on December 1. But, if you try to time your move at exactly the right time, there's a very real possibility that you'll lose out altogether (your interest rate and price is higher, and you don't close escrow in time to get the tax credit).





Also, consider that it may take a few months to find a place. I was looking at foreclosures and short sales last year to buy as a rental property. I started looking in around February and didn't get an offer accepted until July (I submitted 6 offers on properties and got aced out on all but the 6th one). You'll then have at least 30 days - and more like 60 days - of escrow. And, if the sale doesn't close by December 1, you're out of luck.





I have stock options from my company that I have to cash in every 6 months or lose them. At some point, I have to just bite the bullet and cash them in, hopefully when the price is high. But, if I cash them in one day and the price goes up significantly the next day, I can't look back. And, doing so and lamenting the decision to sell when I did would just drive me crazy.