Waiting for Mortgage Rates to Drop? Read this first.
Posted by Gregory Damis - CNHS on
Jul 29, 2026
in
News
Waiting for Mortgage Rates to Drop? Read thisfirst.
If you've been waiting for the mortgage rates to drop, you aren't alone. For many, the last few years have felt like a waiting game.
Many see the appeal of waiting because if rates come down, monthly payments come down. However, this math doesn't consider that fact that home values continue to increase which only results in overall higher costs.
For example, purchase a $600,000 home today with 6.5% financing, your P&I $3,034. If you wait for rates to drop 1/2%, and the home appreciates 3% to $618,000, your payment at 6% is $2,964 ($70 per month lower).
Your down payment now increased by $3,600. At $70 per month savings at the lower rate, it would take you 54 months to recover the extra $3,600 closing costs.
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