I locked at 4.875 today
Being patient is key. My wife and I have been looking for about 2 years. Prices might get better, but I jumped now because of the interest rate. Every 1 point change equals $15,000. Basically if you buy now and get a house for $150,000 at 5%, you would be paying the same if you wait and pay $135,000 at 6%.
I have been so anal about everything that I actually went and took the courses to get my real estate license last year. I passed everything but I couldn't act as my own agent because I don't have an "active" license. I considered a career in real estate, but the market is so tight now, I thought better of it.