Would You Let $80/Month Stop You From Buying a Home?

Many buyers today are stuck in “wait and see” mode, hoping mortgage rates will dip into the 5s before they make a move. But here’s the reality: waiting for 5.99% may only save you about $80 a month, far less than most people expect. Meanwhile, the savings available right now are significantly bigger.

You’re Already Saving More Than You Think

Rates peaked above 7% in May. Since then, they’ve steadily dropped into the low 6s. That shift alone has lowered the typical monthly payment on a $400,000 home by nearly $400/month, according to Redfin. For buyers who paused earlier this spring, that’s a major boost in affordability.

Why Waiting Could Cost More Than It Saves

Most experts say rates will stay close to where they are now through 2026. Only one major forecaster expects a dip into the high 5s and even then, the difference is minimal. A 5.99% rate vs. today’s rates? Only about $80/month in savings. And while you wait for that small drop, you could be missing the larger opportunity that already exists.

Competition Will Spike When Rates Hit the 5s

If rates fall below 6%, buyer demand will surge. NAR estimates 5.5 million more households would suddenly qualify for the median-priced home. Even a fraction of those buyers returning could push prices higher and ramp up competition—quickly erasing the $80 you waited for.

Bottom Line

You don’t need to wait for 5.99%. The real savings are already here. If you find a home you love and the numbers work, buying now may put you ahead.

Want to see what today’s rates mean for your buying power? Let’s run your numbers.