Mortgage rates continue to move in a increasingly narrow range with a slight rise overall. To put affordability in perspective:
The Median Home Price in Denver in 1989 was $94,000, the average mortgage rate was 10% and the monthly P&I payment was $825.
In 2012, the Median Home Price was $176,600, the average mortgage rate was 3.4% and the monthly P&I payment was $626. You can get almost double the price of the home for $200 less in a mortgage payment in today's real estate market.
There is no other example that shows the buying power of the market today!