🏡 Should You Wait for Mortgage Rates to Drop Before Buying?
🏡 Should You Wait for Mortgage Rates to Drop Before Buying? By: Shawn Senecal, REALTOR® Porchlight Perspectives | homesbyshawn.realtor If you’ve been sitting on the sidelines waiting for mortgage rates to drop, you’re not alone. Many buyers are hoping for a return to the ultra-low rates of 2020–2021—but here’s the truth: That market isn’t coming back. The Federal Reserve has made it clear: the fight against inflation isn’t over, and rate cuts aren’t guaranteed anytime soon . Even with inflation softening, the Fed has signaled a “higher for longer” approach. As of now, rates are hovering in the high 6% to low 7% range , and most forecasts suggest only modest improvement through the rest of 2025. So the question isn’t just “Should I wait?” It’s really: “What am I giving up by waiting?” ⏳ What Happens If You Wait? 1. You Might Face Higher Home Prices While rates have fluctuated, home prices have not dropped significantly in Central Flo...