08/20/2026
Something interesting is happening in the housing market right now.
And if you’re waiting for mortgage rates to come down before buying, this is worth understanding.
Right now, the average 30-year mortgage rate is about 6.67%.
At the same time, 1 out of every 5 homes for sale had a price cut in July.
Home asking prices nationally are also down 2.4% from this time last year.
In plain English:
Sellers are having to compete for buyers right now.
And that’s important.
Because a buyer today may be able to negotiate something that was nearly impossible a few years ago:
A lower price.
Seller-paid closing costs.
Money toward buying down the interest rate.
Or sometimes a combination of those things.
But here’s what I think a lot of people miss when they say:
“I’m just going to wait until rates come down.”
If rates eventually drop, they don’t only drop for you.
They drop for everyone.
The people who stopped looking because the payment was too high?
Some of them can afford to start looking again.
The people sitting on the sidelines waiting for a better rate?
Some of them come back too.
And we’ve already seen how sensitive buyers are to changes in rates. Mortgage applications increased 3.6% in just one week in the latest report.
So yes.. a lower rate could give you a better monthly payment.
But it could also mean you’re shopping against more buyers and negotiating with sellers who don’t need to give as much away.
That’s the part nobody can see by looking at the interest rate alone.
So instead of asking:
“Should I buy now or wait for rates to come down?”
I’d ask a better question:
“What would I actually gain by waiting?”
Because that’s something we can put numbers to.
Take the house you’re considering today.
Calculate the payment.
Calculate what you could realistically negotiate from the seller.
Then compare that with what the same house would look like at a lower interest rate.
Maybe waiting saves you money.
Maybe today’s deal is actually better.
Either answer is fine.
But that’s a much better way to make a six-figure decision than trying to guess what mortgage rates will do next.
