Interest rates have been going up.  The Federal Reserve Target Rate is at 5.25%.  Several other countries have been increasing rates as US and major markets inflation inches up. This means that borrowed money will become more expensive increasing monthly payments for those who chose to finance their real estate.  The trends are for further increases in interest rates. Because of this and the good buyers market it’s a wonderful time to buy a home or investment now, to lock in current interest rates. 

As an example.  A home $260,000 (the median price of a home in Phoenix metro) with the current owner occupied conventional interest rate of 6.65% with 20% down payment will be $1,335. If the rate increases another 25 basis point, or 0.25% the rate will be 6.90% and the payment will be $1,370. This may seem like a small amount but over 5 years that is another $2,100 in interest payment.

Though rates are a bit higher than they were, they are still quite low along with the market favor for buyers, this is a buy signal.  Remember that saying, "buy low, sell high", well this is the buy low period.