Here'a a quick example of how interest rates change the landscape for you when buying a home.
Let's say that you were going to buy a home for $350,000 at 2.99%. Your monthly principle and interest payments if amortized over 25 years would be $1,657.90.
If your interest rate goes to 3.99%, that same monthly payment would be on a mortgage of $314,000.
As interest rates continue to creep up, your money will get you less of a house.
This is how waiting to buy could cost you thousands.