To Buy or Not to Buy now...
It's still hard to tell if real estate prices will continue rising, stabilize or go down in the next few months, especially in the high demand markets like So Cal.
On the other end, apparently the consensus amongst lenders is that rates are going to somewhat come back down, maybe towards the end of the year maybe next year... So if you find a home you REALLY like, and if you can afford/qualify for the higher payments, you shouldn't let the higher rates stop you. Why you say? Because you can always refinance you loan later when the rates go back down but you might not be able to find that same home again.
As as long as you're able to buy the right home that fits your need and at the right price (market price), just remember that interest rates fluctuate and people refinance their loans all the time when rates go down to lower their monthly payments.
I bought my first home at 9% and refinanced it twice before I sold it. And we bought our current home at 5 1/2% and we've also refinanced twice since then.
They say "you marry your house but you date your rates"
What do you think?