[snarf21]

That is an interesting thought and I'll have to think about that more deeply. I think one thing that we need to remember is that with a fixed mortgage, you are paying tomorrow's mortgage at today's prices. As inflation rises and salaries rise to keep pace, your mortgage stays the same. It incentives home buying which is why there are so many government programs in this area. Obviously you don't want to just in at the top of the bubble, but getting in asap is a great strategy for most everyone.