It’s the question I hear almost every day: “Should I wait until rates come down?” With mortgage rates hovering in the 6% range, a lot of buyers feel stuck. But here’s the real question: Are we waiting for something that may not happen the way we think it will?
Rates in the 6s: Historically Normal
For perspective, 6% mortgage rates are not historically high. Over the last 50 years, average mortgage rates have been much higher than where we are today. The ultra-low 2–3% rates we saw during the pandemic were the anomaly — not the norm.
Payment vs. Price: The Hidden Tradeoff
Here’s something many buyers overlook: when rates drop significantly, demand increases fast. More demand leads to more competition and higher home prices. Would you rather buy at today’s price with a 6% rate, or compete later at a higher price with a slightly lower rate? You can refinance a rate. You cannot refinance the purchase price.
California Inventory Is Still Tight
In many California markets, inventory remains constrained. Most homeowners locked in rates below 4% and aren’t eager to sell. That means fewer listings, less supply, and stable pricing. If rates fall sharply, buyer demand will increase quickly — potentially driving prices up.
When Waiting Does Make Sense
Waiting can make sense if you’re improving your credit score, saving for a larger down payment, or expecting major income changes. That’s strategic waiting. Waiting purely for a specific rate number? That’s speculation.
Bottom Line
Rates in the 6% range are part of a normal interest rate cycle. For buyers who are financially ready — stable income, comfortable reserves, long-term plan — this may still be a great time to buy. If you’re curious where you stand, let’s talk. I’m happy to run the numbers for your specific situation.