Why Today’s Mortgage Rates Aren’t Something to Fear

When interest rates rise, many buyers instinctively say, “Maybe I’ll wait.” But waiting for that perfect “magic” rate could cost you more than you think.

On a $785,000 loan, the difference between a rate of about 6.2 percent and 5.99 percent is roughly $100 a month. That’s about what many people spend on coffee or takeout. Meanwhile, if prices continue climbing while you wait for a lower rate, that extra cost could easily offset any savings you hoped to gain from a small rate drop.

Why Acting Now Makes Sense

• Rates are still in a range where inventory is healthy and buyer competition is lower. Many buyers who take action now have more negotiating room and a wider selection of homes.

• Waiting for the “perfect” rate can backfire. Once rates dip below a psychological threshold, more buyers jump back in, driving prices and competition higher.

• Your personal readiness matters more than chasing the lowest possible rate. If the home fits your needs, the payments are comfortable, and your long-term plan aligns, then waiting might not be necessary.

What This Means for Our Local Market

In South Snohomish and North King County, the same idea applies. If you are financially ready and find a home that checks your boxes, locking in a mortgage now—even near 6 percent—could be smarter than waiting for a fraction of a percent lower only to face higher prices and multiple offers later.

As your local real estate professional with CENTURY 21 Real Estate Center, I can help you evaluate your financial readiness, compare your options, and identify the right timing for your move.

Bottom Line

Don’t let today’s mortgage rates scare you away. If you are ready and the home feels right, this may be the right moment before market dynamics shift again. The perfect rate may sound appealing, but the real savings could be in acting before everyone else does.