Don't Fall Victim to the Rate Hype

You've probably seen headlines or social media posts from others in the real estate or lending industries proclaiming that mortgage rates have dropped and that "now is the time to buy." While it's true that rates have taken a recent dip, I'm not a fan of this way of thinking, and here's why. Mortgage rates are never static, and they are always somewhat unpredictable. There is no universally "good or bad" time to buy. If you base your decision solely on the current rates, you might end up waiting a decade or longer to make a purchase, especially if you have a goal rate in mind.

In my opinion, waiting isn't inherently the problem, nor is buying now. The issue arises when people make decisions based on the belief that they must act immediately because real estate professionals have told them not to wait. Some people ABSOLUTELY SHOULD wait, often due to their financial situation, but they feel pressured to buy because of industry hype. On the flip side, there are those who plan to wait, but might actually be better off buying now. If you have the means and find the perfect home, why would you wait? Rates might go up later, not down. If they go down, you can refinance your mortgage. But if you wait, you'll forever wonder "what if" when it comes to that perfect home.

My point is that the decision to buy now or wait shouldn't be driven solely by industry voices emphasizing falling rates. While rates certainly impact the cost of a mortgage, it's important to take a step back and consider the bigger picture.