Mortgage Rates Are Rising: Should You Buy Before They Go Higher?

Mortgage rates have been climbing again, and that has many prospective buyers asking an important question: Should I buy now, or wait for rates to come back down?

As of October 2026, the average 30-year fixed mortgage rate is around 7.28%, up from 6.34% a year ago. Higher rates can significantly affect monthly payments and how much home a buyer can comfortably afford.

What Do Rising Rates Mean for Buyers?

When mortgage rates rise, your purchasing power can decrease. The same home can cost more each month simply because of the interest rate on the loan.

But that doesn't necessarily mean you should put your plans on hold.

Waiting for rates to fall can be tempting, but there is no guarantee of when that will happen—or what home prices and inventory will look like when they do.

Should You Buy Now?

The right decision depends on your financial situation, your timeline, and the home you're looking for.

If you find the right property and the monthly payment fits comfortably within your budget, buying now could make sense. If rates eventually come down, you may have the opportunity to refinance in the future.

On the other hand, if today's payment would stretch your finances too far, waiting may be the smarter choice.

The goal isn't to predict the perfect time to buy. It's to make a decision that works for you.

Have Questions About Today's Mortgage Rates?

Every buyer's situation is different. If you're wondering how today's rates could affect your purchasing power or your plans to buy a home, let's talk.

BOOK A CALL WITH ME to discuss your options and take the next step with confidence.