buying a home?

When is a good time to buy a home? with the interst rates the way they are right now. I am a first time buyer and i have heard from several people that buying a home right now is a horrible idea. They say it is going to become a buyers market but right now prics are so inflated. I really don't understand I am tryying to learn all about this but am having a hard time. I live in Texas if the location i am buying in makes a difference. I was told I would get interest rate of 6.6125%. I guess that is good. Help