should you

buy now or wait for rates to drop?

If you are waiting for mortgage interest rates to come down further, you need to understand that when they come down for you, they will also come down for every other buyer in the market. What does that mean for you financially?

Well, we know with the basics of supply and demand that when the cost of borrowing money is cheaper, it will drive up competition. We already have a scarcity of inventory in our local housing market. At the close out of March, we were at 1.4 months supply. This means that when rates come down, the competition will drive the prices of homes up.

In other words, if you purchase a home with great terms and a great price tag right now, the temporary higher monthly payment may ultimately be a better deal for you in the long term than the cost of waiting.

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