Jay Quigley shows homebuyers that waiting for mortgage rates to hit 5% may not be worth it. The difference between 6.1% and 5.9% on a $500,000 loan is only $64 a month, and experts don't expect rates to drop much further. Run the math on your own numbers instead of chasing headlines.
A lot of buyers are waiting for mortgage rates to drop back into the 5s, and I get it. Seeing a 5 in front of the rate just feels different. But here's the part that most people don't actually run the math on. On a $500,000 home loan, the difference between a rate around 6.1% and 5.9% is about $64 a month. Not $300 a month, not $500, only $60. So while the psychological difference between a rate in the 6s and the 5s feels huge, the difference in payments often isn't. And here's the That's the other thing. Most experts aren't expecting mortgage rates to drop much further than where they are right now. So if you've been sitting on the sidelines waiting for that magic 5 number, then that strategy may not pay off the way you expect. My advice is to double-check the math rather than wait. Payments may already be within your range.
Waiting for a major market shift in Tampa before selling may not be your best move.
