If you've been waiting for interest rates to drop to below 3%, this one's for you.
Listen, someday the rates will most likely go down. Maybe not to 3% but maybe (hopefully) back to 5-5.5% again.
But until that day comes, here's the bottom line: the rates are either going to remain the same or they're going to go up.
If you're trying to time the market, you're likely wasting your time.
According to Keeping Current Matters, "Mortgage rates are impacted by a lot of factors: geopolitical uncertainty, inflation and the economy, and more. That’s why it’s generally not worth it to try to time the market. There’s too much at play that you can’t control. The best thing you can do is control the controllables."
What can you control?
Where you live, your monthly payment, etc.
No matter what the rates are, over time, the value of homes will continue to increase.
Which means you're either going to continue building equity if you stay put, or you're going to pay more for a house if you wait to buy.
If the only thing keeping you from starting your home search is the hope that rates will go down soon, consider how much more money you'll spend on a home if you wait and see if you need to reevaluate.
Truth is, nobody can tell you when the best time to buy a house is. You have to decide for yourself what makes the most sense for your life and your budget.
