Would It Be Better to Buy a Home Now or Wait for Interest Rates to Come Down?

If you would like to buy a house, but you’re concerned about high interest rates, make a decision based on your personal circumstances.

You should only buy a home if you can afford the total cost of ownership: mortgage, taxes, insurance, maintenance and possibly also HOA fees and private mortgage insurance.

Make sure you have enough saved for a down payment. You can buy a house now and then refinance to lower your interest rate.

If you currently have a lot of credit card or loan debt, pay it off or reduce your balances before you buy a home.

You might be better off delaying a home purchase to save up more for a down payment.

While you wait to buy a house, interest rates and/or home prices might fall.