Buy Now or Wait? The Real Tradeoff with Mortgage Rates

Mortgage rates are still one of the biggest conversations in real estate right now—and for good reason. After the most recent jobs report came in weaker than expected, the bond market responded quickly, pushing mortgage rates down to their lowest level of the year in early August (6.55%).

That may not sound like much, but for buyers who’ve been waiting for any sign of relief, even a small drop brings hope that rates might finally be trending lower. So, what should we realistically expect?

What the Forecasts Say

Industry experts don’t see rates falling dramatically anytime soon. Most projections show rates hovering in the mid-to-low 6% range through 2026. In other words, we’re not looking at any major changes ahead—just small shifts, like the one we just saw.

Because mortgage rates are tied so closely to economic data, every new report—on jobs, inflation, or growth—has the potential to move them. With several reports expected this week, we’ll soon get a clearer picture of what’s next.

The Magic Number for Buyers

For most buyers, the number to watch is 6%. It’s not just psychological—it has a real impact. According to the National Association of Realtors (NAR), if rates reach 6%:

• 5.5 million more households could afford the median-priced home

• Roughly 550,000 buyers would enter the market within 12 to 18 months

That’s a lot of demand sitting on the sidelines. And if you look at current forecasts, Fannie Mae believes we may reach that 6% threshold sometime next year.

But here’s the catch: waiting for that magic number means you’ll be competing with all the other buyers who’ve been waiting, too. More competition often leads to fewer choices and higher prices.

Why This Market May Be a Window of Opportunity

Right now, conditions are actually leaning in buyers’ favor:

• Inventory is higher – giving you more options

• Price growth has slowed – creating more realistic pricing

• Negotiating power is stronger – you may be able to secure a better deal

Once rates move lower and more buyers jump back in, these advantages will disappear quickly. As NAR puts it:

“Buyers who are holding out for lower mortgage rates may be missing a key opening in the market.”

Bottom Line

Rates aren’t expected to drop to 6% this year. But when they eventually do, the flood of pent-up demand will likely make the market more competitive. If you’d rather have more negotiating power and less pressure, that opportunity exists right now—but it won’t last forever.

Want to talk through your options? Let’s connect and look at what’s happening in the Greenville market so you can make the best move for your situation.