Yes, It’s a Mistake To Wait Out the Current Mortgage Rates To Buy a House

Whether you’re a first-time homebuyer or just looking to make a change, buying a home right now might seem like a fruitless endeavor—but it’s really not.

The average rate on 30-year fixed home loans went up to 6.67% for the week ending March 20, up from 6.65% the week before, according to Freddie Mac. 

Rates averaged 6.87% the same week in 2024, which means they’ve made a small decline. Meanwhile, house prices are expected to continue to rise in 2025, although at a slightly lower pace from last year. 

With prices up all over the place, is now the best time to buy a house? Depends on who you ask. If you ask Barbara Ann Corcoran, founder of The Corcoran Group, a New York City real estate brokerage and star of “Shark Tank,” the answer is a definite yes—and move fast!

When mortgage rates are high, potential buyers get hesitant, and many forgo buying until their “magic number” hits. Corcoran explains that their loss can be your gain. 

“You already know that mortgage rates are still high, and house prices are going up still by 3 or 4% a year,” she shared with her followers on Instagram. 

Despite these increased numbers, Corcoran insists the time is now to buy. 

“You shouldn’t waste any time and stall buying your house,” she continued. “The real problem in the marketplace is that two thirds of homeowners are sitting on interest rates, under 4%, and they’re not going to move.”

She’s not wrong; multiple surveys and polls have confirmed that the majority of boomer homeowners, for instance, are opting to stay in their homes rather than sell. Their plan is to age in place, rather than downsize, and use whatever money they have to futureproof their homes. 

Low inventory coupled with less competition means, at least in Cocoran’s view, that the time to jump on a property you love is now. 

“Don’t stall,” she warns. “Get out there and buy a house.”

According to the Realtor.com 2025 Housing Forecast report, the best time to buy a house in 2025 is during the spring, with a “sweet spot” being around mid-April. 

Cocoran echoed her advice to jump into buying a house while appearing on Fox News in March.

When asked if millennials specifically should wait out the mortgage rates or buy a house now, she once again insisted to “go for it.”

But speaking directly to millennials, she shared some tips to be in a “better position to get a good deal. 

“You can shop in the spring market, when people are away for spring break,” she advised, which certainly aligns with Realtor.com research. The best time to sell a house is expected to be the week of April 13–19, right in the middle of the spring-break season.

“Houses are undersold in that week because nobody’s around to sell those houses,” she shared.

She also advised younger people to invest in a fixer-upper, as they have the time to put into making it a dream house. 

“People are afraid of [fixer-upper houses], but financing is readily available, easy to get; and if you can fix a fixer up, you get a better house on a good block.”

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