09/24/2026
Are Mortgage Rates Going to Go Down?
If you’re thinking about buying a home, there’s probably one question you’ve asked more than once lately:
Are mortgage rates ever going to come back down?
It’s a fair question. Mortgage rates have been bouncing around, and many buyers are wondering whether they should purchase a home now or wait and hope for a better rate.
As of mid-September 2026, Freddie Mac reported that the average 30-year fixed mortgage rate was 6.95%, compared with 6.26% one year earlier.
So, what happens next?
Will Mortgage Rates Go Down?
They certainly can, but there’s no guarantee that a significant drop is right around the corner.
Mortgage rates aren't controlled directly by the Federal Reserve. They are influenced by several factors, including inflation, the bond market, economic growth, employment data, and expectations about future Federal Reserve policy.
Right now, inflation remains an important part of the equation. In September, the Federal Reserve's updated projections showed a higher expected path for inflation and interest rates than it had projected earlier in the year.
The Mortgage Bankers Association has also said it expects mortgage rates to remain near current levels over its forecast horizon.
That doesn't mean rates can't decline. It simply means buyers shouldn't necessarily build their entire home-buying strategy around waiting for a dramatic drop.
What Happens If You Wait?
Waiting for a lower interest rate sounds like an easy decision, but there are other factors to consider.
If rates fall significantly, you probably won't be the only buyer who notices.
Lower rates can bring more buyers back into the market. More buyers can mean more competition for desirable homes, fewer opportunities to negotiate, and potentially higher home prices.
In other words, a lower mortgage rate doesn't automatically mean you'll get a better overall deal on a house.
What If You Buy Now and Rates Drop Later?
This is something buyers sometimes overlook.
Buying a home today doesn't necessarily mean you're stuck with today's mortgage rate forever.
Depending on your financial situation, loan terms, future rates, and refinancing costs, you may have the opportunity to refinance your mortgage later if rates decline enough to make it worthwhile.
That means the question isn't simply:
“Is this the lowest mortgage rate I'm going to get?”
A better question may be:
“Can I comfortably afford the right home at today's payment?”
Don't Try to Perfectly Time the Housing Market
Nobody can consistently predict exactly when mortgage rates will rise or fall.
If you find the right home, the monthly payment works comfortably within your budget, and buying makes sense for your long-term plans, waiting solely because you're hoping for a substantially lower rate can be a gamble.
On the other hand, if the payment doesn't make financial sense for you today, buying simply because you're afraid of missing out isn't the answer either.
The right decision depends on your budget, your goals, the home you're considering, and the options available to you right now.
Thinking About Buying?
You don't have to figure it all out before you start looking.
If you're wondering what you can afford, what homes are available, or whether buying now makes sense for your situation, let's talk. I can help you look at your options and connect you with a trusted lender who can explain current loan programs and mortgage rates.
David Meeron, REALTOR®
Premier Homes Realty
The best time to buy a home isn't necessarily when rates are perfect. It's when the home, the payment, and the timing are right for you.
