Waiting may lower your future payment, but it can also bring more buyers back into the market. A better approach is to compare what you can comfortably afford today with what would change if rates moved up or down. Request loan estimates from more than one lender, including points, lender fees, mortgage insurance, and cash needed at closing. Then evaluate homes based on total monthly ownership cost, not the interest rate alone. If you buy now, ask whether the loan can be refinanced later without assuming that a refinance will be available or economical.
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