I do not think it would be prudent to calculate how much of a mortgage you can afford based on the recent downturn in gas prices. I do believe they will go up again in the long term. In addition I think mortgage rates will rise in the second half of the year. Yes I know that has been predicted before however I do believe it is more of a reality this year based upon what I have been reading regarding the Federal Reserve.

Purchasing real estate is a good long term investment. I think it has to be approached in a long term view rather than the short term like a temporary drop in gas prices.