Should I Wait for Mortgage Rates to Drop?

Not if waiting is your whole plan. Waiting for mortgage rates to drop is a bet, and nobody can promise you next month's rate. I'm Nile Lundgren, founder of the Lundgren Team at SERHANT., with $550M in sales. My answer: buy when your life says it's time, negotiate hard, and let your lender handle the loan math.

If you are buying in New York or Florida and want a straight read on your timing, my team at SERHANT. will sit down with you. Talk to the Lundgren Team.

Picture a buyer who has been waiting for rates since spring. They are standing in an apartment they love, light coming through the windows, and they ask for one more month. Just one. The word underneath that ask is bet.

And this week the bet feels tempting. Freddie Mac's Primary Mortgage Market Survey had the 30-year fixed at 7.24% as of October 29, 2026, its lowest level this month.

Here is how I answer that buyer.

Are mortgage rates going down?

This week, yes, a little. Whether that keeps going is something nobody can promise you, including me.

Freddie Mac's Primary Mortgage Market Survey had the 30-year fixed-rate mortgage at an average of 7.24% as of October 29, 2026. The week before, it averaged 7.32%. Freddie Mac said the rate declined again this week and reached its lowest level this month.

For context, the same survey had the 30-year fixed at 6.17% a year ago.

One more thing to know: Freddie Mac's survey is a national weekly average. There is no separate New York City number in it. If you are searching mortgage rates today in NYC, the rate that matters is the one your lender quotes you, for your loan, on the day you lock.

Source: Freddie Mac Primary Mortgage Market Survey, as of October 29, 2026

Should I wait for mortgage rates to drop when the Fed is leaning toward a hike?

I would not build a plan on it. The Fed's last move was a hold, and two voting members wanted to go the other way.

On October 28, 2026, the Federal Reserve held the federal funds target range at 3.75% to 4.00%. Lisa D. Cook and Beth M. Hammack voted against that decision. They preferred to raise the range by a quarter point.

The federal funds rate is not your mortgage rate. It is a short-term policy rate. But a hold with two votes for a hike tells you the people setting policy are not all thinking about cuts. That is the backdrop a waiting buyer is betting against.

I wrote more on how I read the Fed in Will mortgage rates go down after the Fed meeting?

Source: Federal Reserve press release, October 28, 2026

What does waiting for rates actually cost a buyer?

Waiting has a price, and it is not printed anywhere. You are betting on two things at once: that rates fall, and that the right home is still there when they do.

The home part is the one buyers forget. The apartment you love today does not wait for your rate. Another buyer can write the offer you were holding back.

There is also the negotiating side. My view on Manhattan right now: sellers are going to have to take a little less. That is leverage for a buyer who is ready today. A buyer who is waiting is not using it.

So waiting is not neutral. It is a position. Make sure it is one you chose on purpose.

Should I buy a house now or wait for interest rates to drop?

Buy when your life says it is time and the payment works today. Do not buy because of a headline, and do not wait because of one either.

When a buyer asks me for one more month, I ask what will be different in a month. If the honest answer is "maybe the rate," that is a bet. If the answer is "my job moves, my lease ends, my savings land," that is a plan.

Here is the order I walk a buyer through:

1. Is this the right home for the next chapter of your life? Start there, not with the rate.
2. Can you carry the payment at today's rate? Ask your lender to run it. If it only works at a lower rate that does not exist yet, you are not ready.
3. Are you negotiating like a buyer who is ready? Right now, that is where a ready buyer has leverage.
4. If rates do fall later, what are your options? That is a refinance conversation for your lender, with its own costs and qualifications. It is a possibility, not a promise.

If you are weighing an adjustable rate as part of that decision, I laid out how my team thinks about it in Is an ARM a good idea right now?

To be clear: I am a real estate agent, not a lender. This is how I frame the wait-or-act decision, not lending advice. Talk to your lender before you decide anything about your loan.

When you are ready to look at homes with your numbers in hand, start with our current New York listings.

Is the answer different in New York and Florida?

The framework is the same in both. How rates hit each market is not.

My read on New York City: rates matter, but they do not run this market the way they run others. In Manhattan, buyers have to get out there and make a lot of offers. The buyer who waits for a perfect rate is also putting off the offers, and both clocks are running.

My read on Florida: interest rates affect a lot of markets that do not necessarily affect New York City, and I think the Florida condo market is getting hit by that pretty hard. For a Florida buyer, that is one more reason to negotiate seriously instead of sitting out.

Different markets, same answer. Know your timeline, know your payment, and act when both line up.

If the bigger worry is the market itself, I lay out how I read it in Is the housing market going to crash?

FAQ

What is the Freddie Mac 30-year mortgage rate this week?
Freddie Mac's Primary Mortgage Market Survey had the 30-year fixed at 7.24% as of October 29, 2026, down from 7.32% the week before.

Will mortgage rates go up in December?
Nobody can promise that either way, and I do not forecast rates. The Fed held at 3.75% to 4.00% on October 28, 2026, with two members preferring a hike, so a waiting plan should not assume cuts.

Can I refinance if rates drop after I buy?
Possibly, but that depends on your lender, your costs and whether you qualify at the time. Treat it as a later conversation with your lender, not a guarantee.

Is waiting for rates ever the right call?
Yes, when your life is not ready: your job, your savings or your timeline. Waiting for a reason is a plan. Waiting only for a lower rate is a bet.

How do I contact Nile Lundgren about buying a home in New York or Florida?
Call (917) 453-4526 or use the contact page at nilelundgren.com/contact.

Nile Lundgren, founder of the Lundgren Team at SERHANT., with $550M in sales and nearly two decades of experience. Licensed in New York and Florida. RealTrends Top 1 percent. Cast member of Netflix's Owning Manhattan.
Call (917) 453-4526 or contact the Lundgren Team at SERHANT. at https://nilelundgren.com/contact

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Nile Lundgren, founder of the Lundgren Team at SERHANT., has $550M in sales and is recognized among the RealTrends Top 1 percent. A cast member of Netflix's Owning Manhattan, he works with buyers, sellers and investors across New York and Florida, including Miami and Tampa. Tell him what you are planning and his team will follow up.