If you’ve been thinking about buying a home, you’ve probably noticed the headlines: mortgage rates are going up.
It’s understandable to wonder, “Should I wait?”
But waiting for the “perfect” interest rate may not always be the best strategy. A mortgage rate is only one piece of the homebuying equation. Home prices, available inventory, competition from other buyers, your negotiating power, and your personal financial situation matter too.
In fact, there can be some real advantages to buying when other buyers are sitting on the sidelines. If you are renting, why not transfer those funds to a mortgage and build equity in something that you own!
Yes, Mortgage Rates Have Recently Increased
As of September 24, 2026, the average 30-year fixed mortgage rate was 7.03%, according to Freddie Mac. That’s up from 6.43% in early July.
There’s no question that interest rates affect affordability. A higher rate generally means a higher monthly principal-and-interest payment for the same loan amount.
But here’s the question I encourage buyers to consider:
What happens if you wait?
No one knows with certainty where mortgage rates or home prices will be six months or a year from now. But one thing we know for certain is that interest rates will never be pandemic low again. These rates were an unprecedented emergency anomaly. Interest rates are normalizing and the current interest rate range aligns with historical averages.
1. Higher Rates Can Mean Less Buyer Competition
When mortgage rates rise, some prospective buyers decide to wait. For buyers who are financially comfortable moving forward, that can create opportunity.
Think back to highly competitive markets when multiple buyers were chasing the same property. Buyers sometimes had to make quick decisions, compete against multiple offers, and give up negotiating leverage just to get a house under contract and very often pay MORE than the listing price.
A less frantic market can give you something extremely valuable: choices, negotiating power and time to make an educated decision.
Depending on the particular property and market conditions, a buyer may have more room to negotiate price, closing costs, repairs, or other terms.
2. You’re Buying the House—Not Just the Interest Rate
Mortgage rates change. The home you want at a price you can comfortably afford may not always be available.
If you purchase a home with a fixed-rate mortgage, you know what the principal-and-interest portion of your payment will be. If rates eventually fall enough to make refinancing financially worthwhile, refinancing may be an option, subject to qualification, costs, and market conditions.
But if rates fall and more buyers jump back into the market, competition could increase.
That’s why trying to perfectly time both home prices and mortgage rates can be difficult.
3. Home Prices Aren’t Guaranteed to Fall Because Rates Rise
One of the biggest misconceptions I hear is:
“I’ll wait until rates come down and then buy.”
But what happens to home prices while you wait?
There is no guarantee that prices will decline. In fact, Fannie Mae’s third-quarter 2026 Home Price Expectations Survey showed its panel of housing experts expecting average national home-price growth of 2.2% in 2027.
Those are national expectations not a prediction for any particular Lafayette or Acadiana property however Acadiana typically falls inline with national averages. It does illustrate an important point:
Waiting for a lower mortgage rate doesn’t necessarily mean you’ll pay less for the house.
4. Today’s Market May Give Buyers More Room to Negotiate
This is where working with an experienced real estate agent can make a meaningful difference.
Price is only one part of an offer.
Depending on the property, seller motivation, loan program, and current market conditions, there may be opportunities to negotiate things such as:
Purchase price
Seller-paid closing costs
Repairs
Home warranties
Closing date and other contract terms
Seller concessions that may help reduce the buyer’s upfront costs
Every transaction is different, and not every seller will agree to concessions. But when buyers face less competition, there may be more opportunity to have those conversations.
5. Don’t Let a Headline Make the Decision for You
“Rates are up” doesn’t automatically mean “don’t buy.”
And “rates are down” doesn’t automatically mean “buy.”
The better question is:
Does buying a home make financial and personal sense for you right now?
If you have stable income, plan to remain in the home long enough for ownership to make sense and can comfortably afford the payment then buying may still make sense even when mortgage rates are higher.
The goal shouldn’t be to time the market perfectly.
The goal should be to make a smart, educated decision based on your circumstances and the opportunities available today.
Thinking About Buying in Lafayette or Acadiana?
Before deciding to wait, let’s look at the numbers.
I can help you explore homes in your price range, understand what’s happening in the Lafayette and Acadiana real estate market, and identify properties where there may be opportunities to negotiate.
A trusted local lender can then help you compare loan programs, estimated payments, closing costs, and financing options so you understand what you can comfortably afford. There are many different programs that you may qualify for – Down payment assistance, 100% financing (location specific) and some programs that are forgiving of a lower credit score. You won’t know if you qualify if you don’t ask!
Sometimes the best time to buy isn’t when everyone else decides it’s a good time.
It’s when the right home, the right price, and the right financial situation come together for you.
Melanie Nash, Broker/Owner
National Realty of Acadiana LLC
Lafayette, Louisiana
nationalrealtyacadiana.com
Local Expertise. Personal Service. Proven Results.