“Marry the House, Date the Rate”: Why Waiting to Buy Could Cost You

If you’ve been holding off on buying a home because of interest rates, it’s time to rethink your strategy. The old saying “marry the house, date the rate” is more relevant than ever.

What does it mean? Commit to the home you love, but don’t stress over the interest rate—you can always refinance later if rates drop. With mortgage rates hovering between 6-7%, waiting for a lower rate could mean missing out on the perfect home or paying a higher price down the road.

A Look at Historic Interest Rates

Let’s put today’s rates in perspective. Over the past 30 years, mortgage rates have fluctuated significantly:

• 1990s: Rates ranged from 7-9%, and homebuyers were still purchasing.

• Early 2000s: We saw rates dip into the 6% range, making homeownership more accessible.

• 2010s: After the housing crash, rates hit historic lows, dropping below 4% at times.

• 2020-2021: Pandemic-era rates hit rock bottom at 2-3%, but those were an anomaly.

• Today: We’re back to historically normal rates in the 6-7% range.

So while 6-7% may feel high compared to the extreme lows of 2020-2021, it’s actually quite normal by historical standards.

Why You Shouldn’t Wait for Rates to Drop

Trying to time the market is risky. If interest rates drop, demand will skyrocket, home prices will rise, and competition will be fierce. You might save on the rate, but pay more for the house. Instead of waiting, buy now at today’s prices and refinance later if rates go down.

How to Make Today’s Rates Work for You

If you’re concerned about affordability, there are creative financing strategies to lower your monthly payment:

• Seller Buydowns – Instead of negotiating a lower sales price, ask the seller to contribute toward a rate buydown. This means a lower interest rate for the first few years, saving you thousands.

• Permanent Rate Buydowns – Some lenders allow you to pay upfront fees (points) to secure a lower rate for the life of the loan.

• Adjustable-Rate Mortgages (ARMs) – If you plan to move within 5-7 years, an ARM may offer a lower introductory rate before adjusting.

Bottom Line

Homeownership is about building equity and creating stability, not chasing the perfect rate. If you find a home you love, don’t let interest rates hold you back—marry the house, date the rate! You can always refinance when rates drop, but you can’t turn back time to buy a home at today’s prices.

Thinking about buying? Let’s chat about strategies to make homeownership work for you in today’s market! ????