Videos, Homebuyers

Should You Buy a Home Now—Or Wait Until Mortgage Rates Fall?

Is the best time to buy a home before—or after—mortgage rates tumble?

Many homebuyers who waited for mortgage rates to go down may soon face another dilemma: Higher home prices.

As mortgage rates come down, more buyers are expected to put offers in on homes. That extra competition could worsen the housing shortage and push home prices up even higher.

That’s why buyers shouldn’t try to time their purchases around rate drops, said Ralph DiBugnara, a regional vice president at New American Funding. He is based in Edgewater, N.J.

“If that interest rate meets your budget and that home meets your budget, you should buy when that meets your budget—not when interest rates go down or up,” said DiBugnara.

Ralph DiBugnara NMLS # 19269