Would You Let $80 a Month Hold You Back from Buying a Home?

At Slater Realty Group, we talk to buyers every day who feel stuck in “wait and see” mode. Rates are hovering just above 6%, and many people are thinking, I’ll buy once they hit the 5s. And sure, everyone wants the best possible rate. But here’s the truth most buyers don’t realize: waiting for that perfect number could actually cost you more than you think.

You’ve Already Saved More Than You Realize

Over the past few months, mortgage rates have been quietly shifting in your favor. Rates peaked in May when they nudged just over 7%, but since then, they’ve steadily dropped into the low 6s. That may not sound dramatic, but the impact is real. According to data from Redfin, the typical monthly payment on a $400,000 home is almost $400 less now compared to the spring. So if you’re stepping back into the market today, you’re already saving significantly more every month than you would have just a few months ago. For buyers who paused their plans because they thought homeownership was out of reach, this shift matters.

Many people are still tempted to wait for rates to dip into the 5s, but that decision comes with risk and the potential reward isn’t as big as you might expect.

Where Rates Are Likely Headed

Most major experts agree that mortgage rates are expected to stay close to where they are now throughout 2026. Only one forecaster is projecting that rates could slip into the upper 5s next year. Even if that happens, the savings might not be worth the wait. From the low 6s to 5.99%, the difference in monthly payment on an average-priced home is only about $80. For most families, that’s one dinner out or one night of takeout. It’s not the kind of savings that transforms affordability. Meanwhile, the nearly $400 per month you’re already saving compared to the spring is the real difference-maker.

Why Waiting Could Cost You More

Right now, buyers have a rare advantage with more homes to choose from, sellers who are motivated to negotiate, and fewer other buyers in the mix. Once rates dip below 6%, buyer psychology changes fast. The National Association of Realtors has found that if rates hit 6%, roughly 5.5 million more households would suddenly be able to afford the median-priced home. Even if only a small portion of them jump back into the market, it could create a surge of competition that drives prices higher—possibly enough to cancel out the $80 you waited for in the first place.

Bottom Line

So ask yourself: is $80 a month really worth holding out for? The market is giving today’s buyers a meaningful opportunity lower payments than we saw in the spring, more options, and more negotiating power. If you find a home you love and the math works, moving now may put you ahead of the crowd. When you’re ready, let’s run your numbers and connect with Slater Realty Group to see exactly what this means for you in our market.

Source

Coldwell Banker Realty