Last week a client of mine purchased her first home and is paying approximately $1,100 a month for a 3 bedroom townhome (plus having a roommate which will be paying that mortgage too!). This week a first time buyer of mine is buying a cute single family home and paying approximately $1450 a month. How much is your rent right now? Maybe it would be just as affordable to pay your mortgage instead of your landlords.
If it's your first home, chances are you will be financing the purchase. To get an idea of current interest rates, I like to check out Yahoo! Finance page on a regular basis http://finance.yahoo.com/
But I also recommend, if you are at the serious buying stage, you should already have a mortgage professional whom you're working with that is keeping you updated on rates.
Home affordability is at historic levels. I suggest at least looking into seeing if it's a good time for YOU and your life at this time.
The combination of the first 2 graphs- interest rates and housing prices- has made the Housing Affordability Index sky rocket over the last year.
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