Timing seems to be critical. Should I wait until interest rates drop?

Time is money. Can you afford to wait? Of course home buyers want to buy when interest rates are at their lowest. When interest rates are at near-record lows, potential buyers or homeowners looking to move up are asking themselves if the time is right to act.
But no one can predict with certainty where rates are headed at any particular time. Waiting for a bottoming out may instead provide time for rates to rise. This chart shows how rises in interest rates can have a dramatic effect on monthly payments.
Monthly Payment
Loan Amount |
at 7½% |
at 8½% |
at 9½% |
$50,000 |
$350 |
$384 |
$420 |
$100,000 |
$699 |
$769 |
$841 |
$150,000 |
$1,049 |
$1,153 |
$1,261 |
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