Over the last several years, interest rates have gone from reaching historic lows to hitting the highest rates in almost 20 years, which means it’s more expensive to buy a home now. But while higher interest rates mean higher costs — at least in the short term — you’ll be able to start building equity if you purchase sooner rather than later.   “In the long term, home values go up,” Bennett says. “The best time to buy a home was 20 years ago. The second-best time is now.”