Should You Wait for Mortgage Rates to Drop? Here’s What You Need to Know

If you’re thinking about buying a home in the Raleigh-Durham area, you might be wondering: Should I wait for mortgage rates to come down?

It’s a fair question—after all, lower interest rates mean lower monthly payments. But before you put your home search on hold, let’s break down the real cost of waiting.

Bill Stevenson of Spotlight Realty and Alex Pollard of OriginPoint Mortgage recently sat down to discuss the future of mortgage rates, home price appreciation, and why waiting could actually cost you thousands of dollars.

Will Mortgage Rates Drop?

While no one can predict the future, experts expect mortgage rates to decline over the next year. Some forecasts predict rates could reach the low 6% range—but here’s the catch: home prices are also expected to rise.

The Hidden Cost of Waiting

Many buyers assume that waiting for rates to drop will save them money. However, what’s often overlooked is home appreciation—the increase in home values over time.

Here’s what that means in real numbers:

- In the Raleigh-Durham area, home prices are projected to increase anywhere from 4% to 7% over the next year.

- If you wait a year to buy, you could miss out on $20,000–$30,000 in appreciation gains.

 A higher home price also means a larger down payment and a higher total loan amount, even if interest rates are lower.

What Happens When Rates Drop?

If rates go down, more buyers will flood the market, increasing competition and driving home prices even higher. So even if you secure a lower rate, you may end up paying more for the home itself.

What’s the Best Strategy?

If you’re financially ready to buy, buying now and refinancing later can be a smarter move than waiting. By purchasing at today’s prices, you lock in your home’s value and build equity faster—all while having the option to refinance if rates drop in the future.

Need Expert Advice? Let’s Talk!

Every buyer’s situation is different, and making the right decision depends on your goals. If you’re unsure whether now is the right time to buy, reach out to the Spotlight Realty Team—we’re happy to walk you through your options.

📩 Have questions? Contact us at [email protected].