Why You Don’t Need To Fear Today’s Mortgage Rates

Mortgage rates have been treated like the “monster under the bed” for the past few years. Every time they move, buyers tense up and say, “Maybe I should wait.”
But here’s the truth I share with clients every week through Joseph Malerba Real Estate, eXp Realty:

Waiting for that perfect 5-point-something rate may end up costing you more in the long run.

The Real ‘Magic Number’ Buyers Are Waiting For

The National Association of Realtors (NAR) explains:

“A 30-year fixed mortgage rate of 6% would make the median-priced home affordable for about 5.5 million more households including 1.6 million renters… If rates hit that magic number, it’s likely that about 10% or 550,000 of those additional households would buy a home over the next 12 to 18 months.”

And this matters for a simple reason:

✅ When rates dip into the high 5’s, likely in 2026, buyers will rush back in.

That surge in demand will push prices up. So even if you secure a slightly lower rate later, you’ll likely be paying more for the home itself.

Here’s the Real Math

Let’s break down what waiting may actually save you. On a $400,000 mortgage, the difference between today’s rate (~6.2%) and 5.99% is about:

✅ $50 per month

That’s basically:

• one coffee a day,

• or a couple of DoorDash orders.

But as competition returns and prices rise, any $50/month savings can disappear instantly, especially in competitive markets like Connecticut.

That’s why many buyers I work with as a Realtor in Connecticut are choosing to lock in today’s rate instead of timing the market.

Why Buying Now Can Actually Benefit You

Jessica Lautz, Deputy Chief Economist at NAR, notes:

“Over the last 5 weeks, mortgage rates have averaged 6.31%. This has provided savvy buyers a sweet spot… with more inventory and wider choices.”

Matt Vernon, Head of Retail Lending at Bank of America, reinforces this:

“Rather than waiting for a rate they like better… if the home and budget make sense, it could be the right chance to make a move.”

✅ Today’s advantages that disappear once rates drop:

• More homes available

• Less competition

• Stronger negotiating power

• Less pressure and fewer bidding wars

Once mortgage rates start with a “5,” many of today’s buyers will jump back in and those advantages fade fast.

What Smart Buyers Should Keep in Mind

You can refinance later if rates drop.
But you can’t go back in time and buy a home before prices rise.

Most Connecticut buyers I guide through Joseph Malerba Real Estate, eXp Realty end up saying the same thing:

“I’m glad I bought before the next wave of buyers hit the market.”

Here’s What You Should Do Next

If today’s mortgage rates make you hesitate, remember this:

Waiting for the “perfect” rate can mean paying more for the same home.
When rates dip below 6% as many experts forecast for next year, buyers will flood back into the market, and prices will respond.

This may be your chance to move before the market heats up again.

If you want a clearer picture of what’s possible at today's rates, I’d be happy to walk you through it.

— Joseph Malerba Realtor | Joseph Malerba Real Estate, eXp Realty