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Let’s be real—mortgage rates have been the boogeyman of the housing market for a while now. Every time they inch up, buyers flinch and say, “Maybe I’ll wait until rates drop.” But here’s the truth: waiting for that “perfect” 5-point-something rate could actually cost you more in the long run.

The Real “Magic Number” Myth

According to the National Association of Realtors (NAR), a 30-year fixed mortgage rate of 6% would make homeownership affordable for about 5.5 million more households—including over 1.6 million renters. When rates drop into that psychological sweet spot, experts expect many of those waiting buyers to jump back into the market.

But here’s the catch: when that wave of buyers hits, prices will rise.

Think about it this way—on a $400,000 loan, the difference between a 6.2% rate and 5.99% is around $50 a month. That’s about the cost of one night of takeout. But if prices jump by even a few percent when demand spikes, you could easily lose far more than you’d save.

So while 5.99% may sound magical, chasing that number could mean missing out on the real deal—today’s opportunity.

Why Waiting Could Cost You More

Here’s the thing: right now, buyers actually have leverage.

With fewer people actively shopping, you’ve got more homes to choose from, sellers are more flexible, and competition is lighter. Once rates drop below 6%, that changes fast—buyers will flood back in, and bidding wars will return.

Jessica Lautz, Deputy Chief Economist at NAR, puts it best:

“Over the last 5 weeks, mortgage rates have averaged 6.31%. This has provided savvy buyers a sweet spot to reexamine the home search process with more inventory, widening their choices.”

And Matt Vernon from Bank of America adds:

“Rather than waiting it out for a rate that they like better, hopeful homebuyers should assess their personal financial situation—if the house is right for them… it could be the right chance to make a move.”

Bottom Line

Don’t let fear of today’s rates stop you from building your future. Because once rates dip below 6%, you won’t just be competing for homes—you’ll be competing with everyone who waited.

So, if the numbers make sense for your budget, this might be your perfect window to buy before the market heats up again.

📞 Call or text us today at 855-935-MORE to connect with a trusted agent who can guide you through your next move with confidence.