🏡 Should You Wait for Mortgage Rates to Drop Before Buying?

By:  Shawn Senecal, REALTOR®
Porchlight Perspectives |  homesbyshawn.realtor

If you’ve been sitting on the sidelines waiting for mortgage rates to drop, you’re not alone. Many buyers are hoping for a return to the ultra-low rates of 2020–2021—but here’s the truth:

The Federal Reserve has made it clear: the fight against inflation isn’t over, and rate cuts aren’t guaranteed anytime soon. Even with inflation softening, the Fed has signaled a “higher for longer” approach. As of now, rates are hovering in the high 6% to low 7% range, and most forecasts suggest only modest improvement through the rest of 2025.

So the question isn’t just  “Should I wait?”
It’s really:  “What am I giving up by waiting?”

1. You Might Face Higher Home Prices
While rates have fluctuated, home prices have not dropped significantly in Central Florida. In fact, inventory is growing, but demand is still strong in markets like Davenport, St. Cloud, and Lake Nona — especially for new construction.

Waiting may save you a little on interest — but it could cost you thousands in purchase price appreciation.

2. You Miss Out on Current Builder Incentives

Right now, many builders are offering:

• Interest rate buy downs
• Closing cost credits
• Design upgrades
• These offers often disappear when demand increases — and fall/winter are typically the best times to capture them.

3. You Keep Paying Your Landlord’s Mortgage Instead of Your Own
If you're renting, every month you wait is a month of building someone else's equity instead of your own.

Here’s the hope:  You can always refinance.

There’s a common phrase in the mortgage world right now:

If you find the right home and can afford the monthly payment today, you can lock in your home and refinance later if (and when) rates improve. Many lenders even offer refi cost waivers  if you refinance within 12–24 months.

This doesn’t mean you should rush into anything. If buying now would put you in a financially risky situation, it’s okay to wait and prepare. But if you’re pre-approved, have savings, and find the right home —don’t let headlines hold you back.

Waiting for the “perfect” rate could mean missing your perfect home. And in this market, time is still money.

If you’re not sure what your next move should be, I’m happy to sit down with you, walk through your options, and connect you with a trusted lender who can break it all down.

📞 Call or text:  (863) 326-7909
📧 Email:  ssenecalre@gmail.com
🌐 Visit:  homesbyshawn.realtor
📘 Facebook:  facebook.com/shawnsenecal.realtor
📺 YouTube:  youtube.com/@ShawnSenecalREALTOR

Let’s build a plan that fits  your  timeline—not just the Fed’s.