Mortgage rates have been the monster under the bed for a while. Every time they tick up, people flinch and say, “Maybe I’ll wait.” But here’s the twist. Waiting for that perfect 5-point-something rate could end up haunting your wallet later.

With home prices still projected to rise in many markets, holding out for lower rates could end up costing you more in the long run. Once rates dip below 6%, expect more buyers to rush back into the market. That means tighter inventory, stiffer competition, and less room to negotiate. In addition, waiting for a rate below 6% may not save you as much as you may think (see graph below).

Here’s the good news—rates are already at their lowest point all year, dropping to 6.19% for the week ending October 23rd, with another Fed rate cut expected soon. However, according to Zillow, rates are projected to hover in the 6–7% range.

Let’s work together to make sure you’re positioned for success in this new era. Learn more on my website at www.SkipSellsHomes.com, and let’s get to work!

Skip McNevin Real Estate/Re/Max Tri-City Realty Broker Associate, DRE #01978238 www.SKIPSELLSHOMES.com