Mortgage rates might feel intimidating, but waiting for the “perfect” drop could end up costing you more later.
Here’s why:
Once rates dip into the 5-point-something “sweet spot,” thousands of buyers will jump back in—driving prices higher and reducing your buying power. And the difference between today’s average rate (around 6.2%) and 5.99% on a $400,000 loan is only about $50 a month—less than many people spend on coffee or takeout.
The upside:
Right now, you have more homes to choose from, stronger negotiation power, and less competition. Acting before the next buyer surge could help you secure a better deal overall.
If today’s rates make you pause, remember—waiting could cost you. Once rates fall below 6%, more buyers and higher prices will follow. If you’re ready, now’s the time to move before the market heats up again.
Posted by Dan Kennedy on
Leave A Comment