Rich and Heidi Mallory have been wanting to sell their condo and buy a new home, but that means giving up their current 3% rate.
"We've had this place 25 years. So, the mortgage we've had on this place is quite a bit lower than where we are looking to buy now," Heidi Mallory said.
With the national average 30-year rate now at 6.3%, according to Freddie Mac, they decided it was finally time to make their move.
"The rates aren't extremely low right now, but they are lower than they were," Rich Mallory said.
Is mid-October the sweet spot for buyers?
Homebuyers looking to act are approaching the "best time to buy" according to experts with Realtor.com.
They say the week of October 12-18 will have the best combination of inventory, pricing and competition compared to any other week in 2025.
"It is a good balancing week where you can get a good price — definitely lower than you would see at the peak of the season — roughly $15,000 lower," said Danielle Hale, chief economist at Realtor.com.
Hale said prices tend to fall even more as we get into the winter months, but if you wait, you'll most likely have fewer homes to choose from.
Watch a real estate expert explain why you should not wait much longer to make an offer:
Should buyers wait for lower rates?
If you're waiting for a lower mortgage rate, Hale has advice.
"I expect them to hover roughly around the level that they are right now. If you're in the market and you found a home that's a good fit, I think it makes sense to move forward," Hale said.
Plus, you can always refinance in a year, if rates drop a point.
Rich and Heidi said they're happy rates have dropped a bit so they can finally sell their condo.
"We're sitting pretty and glad we made the decision at this time," Heidi Mallory said.
So consider making a move in October, so you don't waste your money.
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