Would You Let $80 a Month Hold You Back from Buying a Home?

Many buyers are stuck in “wait and see” mode. They watch mortgage rates hover just above 6% and think, I’ll buy once they hit the 5s. After all, who wouldn’t want a lower rate?

But here’s the truth: that small drop to 5.99% might not save you as much as you think.

You’ve Already Saved More Than You Realize

Mortgage rates peaked above 7% in May, but they’ve slowly declined to the low 6s. That drop translates to real dollars. According to Redfin, the typical monthly payment on a $400,000 home is already down nearly $400 per month since the spring.

That’s money back in your pocket—money you wouldn’t have saved if you’d waited.

Waiting for Lower Rates Is a Gamble

Experts generally expect rates to stay around current levels through 2026. Only one forecaster predicts rates could dip into the upper 5s next year. Even if that happens, the difference would be roughly $80 a month on an average-priced home—about the cost of one dinner out.

Compare that to the $400 per month you’re already saving, and it’s clear: waiting for a small dip might not be worth it.

Competition Could Cost You More

Right now, buyers have more choices, motivated sellers, and less competition. But if rates drop below 6%, more buyers—potentially millions—could enter the market. That increased competition could drive home prices up, offsetting the small savings you were waiting for.

You don’t have to wait for 5.99%. The opportunity to save and secure a home exists right now. Ask yourself: would you let $80 a month stand in the way of your homeownership goals?

If you find a home you love and the numbers make sense, getting ahead now could be the smarter move. Connect with a trusted agent or lender to see what works in your market.