Is It Better To Buy Now or Wait for Lower Mortgage Rates? Here’s the Tradeoff
Is It Better To Buy Now or Wait for Lower Mortgage Rates? Here’s the Tradeoff Mortgage rates are still a hot topic – and for good reason. After the most recent jobs report came out weaker than expected, the bond market reacted almost instantly. And, as a result, in early August mortgage rates dropped to their lowest point so far this year (6.55% ). While that may not sound like a big deal, pretty much every buyer has been waiting for rates to fall. And even a seemingly small drop like this reignites the hope we’re finally going to see rates trending down. But what’s realistic to expect? According to the latest forecast, rates aren’t expected to fall dramatically anytime soon. Most experts project they’ll stay somewhere in the mid-to-low 6% range through 2026 ( see graph below ): In other words, no big changes are expected. But small shifts, like the one we just saw, are still likely. Each time there’s changing economic news, the...