Mortgage rates have been the monster under the bed for a lot of buyers. Every time rates inch up, people take a step back and say, “Maybe I’ll just wait.”
But here’s the twist: waiting for that perfect 5-point-something rate might cost you more in the long run.
The “Magic Number” Everyone’s Watching
According to the National Association of Realtors (NAR):
“A 30-year fixed mortgage at 6% would make the median-priced home affordable for about 5.5 million more households—including 1.6 million renters.”
And if rates land around that 6% mark (which many experts expect is likely in 2026), a wave of pent-up buyers will jump back into the market.
That means:
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More demand
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More competition
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Higher home prices
So yes—getting a 5.99% rate sounds great… but getting that rate after prices climb may not feel so great.
The Difference in Payment Isn’t as Big as You Think
Let’s look at the math:
On a $400,000 mortgage, the difference between today’s average rate (~6.2%) and 5.99% is about $50/month.
That’s less than:
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A weekly Starbucks habit
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Two DoorDash orders
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One soccer registration fee in Puyallup 😅
Meanwhile, if prices rise because more buyers flood back in, that $50 savings could disappear—and then some.
Why Acting Now Could Be the Better Move
Right now, in markets like Tacoma, Puyallup, Auburn, Sumner, SeaTac, Des Moines, Burien, Normandy Park, Lake Tapps, and Bonney Lake, buyers are benefiting from:
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More homes to choose from
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More negotiating power
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Fewer bidding wars
Those advantages start to fade once rates dip under 6% and everyone decides now is the time to buy.
Jessica Lautz, Deputy Chief Economist at NAR, explains:
“Over the last 5 weeks, mortgage rates have averaged 6.31%. This has provided savvy buyers a sweet spot to reexamine the home search process with more inventory.”
And Matt Vernon, Head of Retail Lending at Bank of America, adds:
“Rather than waiting it out, buyers should assess their personal financial situation. If the house is right and the payments are affordable, it could be the right time to make a move.”
Bottom Line
If you’re waiting for 5.99% to feel like the right time, make sure the math—and the market—still make sense when you get there.
Sometimes, the best opportunity isn’t when rates fall…
…it’s when competition is low and choices are better.
Want expert help navigating the moment?
Visit Your Real Estate Story for personalized guidance on buying smart in today’s South Sound market.
