I hate to use the overworked saying, but there’s still some wisdom in it: date the rate, marry the house, and hopefully enjoy a second honeymoon when the opportunity comes to refinance.

The important distinction is this: the price you pay for the house is permanent. The interest rate may not be.

If home prices rise as rates eventually ease, waiting could mean paying more for the same house, and that higher purchase price becomes the basis of your loan. You can potentially refinance a mortgage when market conditions improve, but you can’t refinance yesterday’s purchase price.

So I tell buyers: focus first on buying the right house at a price you can comfortably afford today. If rates improve later, that’s the bonus, not the business plan.

  Now. 

I would not wait... if the numbers pencil out, I'd be buying.  

My husband and I bought our first home when interest rates were 20.0%. 

I believe that was in 1980. 

Now! Why wait for interest rates to rise?!! 😉

If you are ready to buy a home now, then you should buy a home now!  If you wait, it's pretty much a certainty that you will be in a worse position after you wait, haha.

Real property usually goes up in value/price over the long run.  One can always refinance a "bad" interest rate for a more favorable one, but you cannot reprice a home once sold for a more favorable price...  Home pricing is basically based not only on supply and demand, but also on affordability.  Keep in mind, mortgage interest is deductible.

PS--"Waiting for Castro to die is not a strategy!" (A quote I recently heard regarding many things, finance included)

Buy now...At some point you will have to jump on the carousel.  It never stops.

I'd tell my customer "It's going to be a long, long wait" William Collins .

Writing down the reasons you want to buy a home and a few days of reflection will clarify your thinking. In most cases, there is a better reason to buy now than later.

Plenty of buyers have been on the fence waiting. They likely now might be regretting that. Buy what you can comfortably afford, now. Unless you know you'll be moving with a couple of years.

Every da you wait is a day you are not a player in the appreciation and amortization game. Yhose that are in the game are winners. Choose wisely! 

Interest rates really do not matter that much, though they are more likely to go up than down with run away inflation.

Hello William,

The satisfaction you get from the process of buying a home and the afterglow of it all should not be put off William Collins ...This life changing event should visit the sooner the better. As far as the rates go, refinancing down the line solves all that. Meanwhile, you are a homeowner YAY!

Interest rates drop.  Not really, prices rise?  Probably. Buying power decreases with time. 

Now.  If/when rates drop, all those who are waiting will be shopping and that will drive prices up.  You won't have a net gain, maybe even a net loss.

Ah yes, the modern housing version of "Should I get in line now or wait until the line gets shorter?"

Here's the cruel little plot twist: if interest rates drop, millions of people who've been sitting on the sidelines clutching Zillow tabs like emotional support animals suddenly re-enter the market. More buyers show up, demand heats up, and home prices can start acting like they've just discovered espresso.

So today's dilemma is basically:

Buy now: "Wow, these rates are painful."

Wait for lower rates: "Great! The rates are lower. Unfortunately, you're now competing against every cousin, coworker, and random guy named Brad who also decided today's the day."

People often imagine a magical future where rates are lower, prices are lower, inventory is abundant, sellers are humble, and everyone throws in a free hot tub. That's adorable. The housing market does not generally reward optimism with complimentary jacuzzis.

The boring grown-up answer is: buy when you're financially ready, plan to stay put for several years, and the payment works comfortably in your budget. Trying to perfectly time the housing market is a lot like trying to catch a falling leaf during a windstorm while blindfolded and checking mortgage forecasts on your phone.

In other words: Don't ask "Will rates be lower next year?"

Ask, "Can I afford the house without needing the Federal Reserve to become my personal financial life coach?"

Because if anyone actually knew exactly where rates and home prices were headed, they wouldn't be on the internet arguing about it. They'd be on a yacht named "Told You So."

Interest rates may go up.

William Collins If the rates drop, you can refinance. Make sure you can afford the home and you are satisfied with the mortgage payment. Like everyone else has said, Why wait?

Waiting for the rates to decrease will only increase the price the buyer will pay for the home.   Now is a better decision.  When/if the rates fall, you can refinance.

If the home price goes up while you wait for rates to go down, you will be subjected to what we call "the cost of waiting". You will pay more for the house that you want. 

Never the wrong time to buy the right house!

William Collins The second home I purchased had an interest rate of 19%. I was able to get 15% and was relieved. Seven years later, when I sold, I doubled my $$$. Don't shop rates; shop investment, service, and a home.

Buy, marry the house now and enjoy the benefits.

Date the rate, although the current rates are still much closer to historical lows than they are to historical highs.

Waiting has too many mysteries.  Do it NOW. 

Do it now.

While I may have a slight bias because I worked for CME Group- but the Fedwatch tool for the fed funds rate predictions is one of the stronger tools out there- with a 60% chance of a rate 25 basis point HIKE for next weeks meeting. While the Fed Funds Rate might not reflect mortgage rates- it often does have an informal relationship. 

I expect inflation will rise as oil refinery's that have been bombed can't be replaced quickly or easily and we need them for gas and diesel products. The Fed may not have any other reasonable choices in front of them- even with the various forms of market manipulation we have seen over the last year or so. 

Buying while rates are higher can mean less competition and stronger negotiating power. Buyers may secure a lower price, seller credits, repairs, a rate buydown or better closing terms. If rates fall, more buyers may return, increasing competition and prices. Buy only if the payment works today; refinancing later may be possible, but it should not be guaranteed. Time to buy is now! 

I suggest finding the best houe in the best location t the best price now.  A home can be refinanced.

Rates can be bought down and if you buy now, re-financing when those interest rates drop is a good option, William.