If you were qualified to buy a nice house a year ago, you can likely buy an even nicer house now!  Lower interest rates will allow you to buy a more expensive house and keep the same mortgage payment.

As shown above, a year ago you could have bought a $208,750 house for $1,000/month.  Today, you could buy a $228,225 house.  That is a an increase of almost $20,000 in purchasing power!

Assumptions: 20% down payment, property located in the City of Harrisonburg