Should I Buy Now or Wait for Mortgage Rates to Drop?

You cannot time the mortgage market perfectly, and trying to do so often costs more than buying at today rates and refinancing later. If the monthly payment at current rates fits your budget and you plan to stay in the home for at least 3-5 years, buying now is usually the better move.

Every month you wait, you pay rent instead of building equity. That rent money is gone forever. At current rates in San Antonio, a $1,800 rent payment with 3% annual increases adds up to over $114,000 in rent over 5 years with zero equity. Buying at a 6.5% rate with the ability to refinance later puts that money to work for you.

The strategy is simple: buy when you can afford the payment. If rates drop later, refinance and capture the savings. If rates stay flat, you are still building equity and benefiting from appreciation.