Don’t Wait for Rates to Drop — Why Buying a Home Now Still Makes Sense

Let’s be honest: mortgage rates aren’t where they were a few years ago. That’s causing many would-be buyers to sit on the sidelines, hoping for a big drop before making a move. But here’s the truth — waiting could actually cost you more in the long run.

There’s a smarter approach: buy now, and refinance later.

Here’s Why Waiting Might Backfire

Home prices aren’t hitting pause.
Inventory is tight, and demand is still strong. While higher rates may have cooled some activity, prices are still edging upward. Waiting for a better rate could mean paying more for the same home in the future.

When rates fall, competition rises.
Once rates start to dip, expect the market to heat up fast. That means more buyers, bidding wars, and less negotiating power for you. Right now, you have more room to negotiate on price, terms, or even seller-paid closing costs.

The Buy-Now, Refi-Later Strategy

Think of your mortgage like a stepping stone, not a forever deal. Getting into the market now lets you:

• Start building equity immediately.

• Lock in a home before prices rise further.

• Refinance later if rates fall — potentially lowering your payment or shortening your term.

Mortgage loans aren’t set in stone. Refinancing is a common and smart financial move when market conditions improve. In fact, many homeowners refinance more than once over the life of their loan.

Example: The Real Cost of Waiting

Let’s say you’re looking at a $350,000 home. At today’s 7% rate, your monthly payment might be higher than you’d like — but what if you could refinance next year to 5.5%? That alone could lower your monthly cost by hundreds. And in the meantime, you’re building wealth through homeownership instead of throwing money away on rent.

Now imagine that same home costs $375,000 a year from now. Even if rates drop, you’re still paying more upfront — and that’s before the competition heats up.

The Bottom Line

If you’re financially ready to buy, don’t let today’s rates keep you from moving forward. Think long-term. Buy the house you love now, and when the time is right, refinance to make your payment more affordable.

Ready to explore your options?
Let’s chat about what you can afford today and build a game plan to refinance later. You don’t need to have all the answers — that’s what I’m here for.