A lot of buyers are stuck in “wait and see” mode right now. They’re watching mortgage rates hover just above 6% and thinking, “I’ll buy once they hit the 5s.” Who doesn’t want a better rate, right?

But here’s the thing: that tiny drop to 5.99% might not save you as much as you think.

You’ve Already Got a Head Start

Affordability is still a challenge, no question. But here’s some good news: rates have already come down over the past few months—and that drop translates into real money in your pocket.

Rates peaked in May, climbing above 7%. Since then, they’ve slowly fallen to the low 6s. It doesn’t sound like much, but it adds up. According to Redfin, the typical monthly payment on a $400,000 home is down nearly $400 a month since May.

That’s $400 you didn’t have before—money that could go toward furniture, savings, or just making life a little easier.

Waiting for a Slight Drop? Think Again

Many buyers hold out for rates under 6%, hoping for “maximum savings.” But here’s the reality: most experts expect rates to hover around today’s levels through 2026. Only one forecaster sees a chance of dipping into the upper 5s.

Even if that happens, the extra savings isn’t life-changing. Let’s break it down:

A drop from 6.1% to 5.99%? That’s roughly $80 a month on a typical home.

Eighty dollars. That’s one dinner out—or maybe one takeout night. Compare that to the $400 a month you’re already saving by buying now. Which one really makes a difference?

Competition Isn’t Waiting

Right now, the market is in your favor:

• More homes to choose from
• Sellers motivated to make a deal
• Fewer buyers competing

But if rates drop below 6%, that could change fast. According to the National Association of Realtors, 5.5 million more households could afford the median-priced home at that point. Even if only a fraction decide to buy, you could be facing hundreds of thousands of new competitors, driving prices up and potentially erasing the small savings you waited for.

Bottom Line

Waiting for that $80 savings could actually cost you more than it’s worth. If you find a home you love and the numbers work, acting now might be your smartest move.

So here’s the question: Would you let $80 a month hold you back from buying your home?

Let’s run the numbers together and see what makes sense for you in today’s market. Don’t wait for the perfect moment—sometimes the best moment is now.