If you’re a first-time homebuyer, it’s easy to feel discouraged seeing mortgage rates around 7%. But here’s the truth: this might actually be one of the smartest times to buy — and here’s why:

1. 7% Isn’t As High As It Feels — Historically Speaking

Yes, 7% seems high compared to the ultra-low rates of 2020–2021 (which dropped below 3%), but that was an anomaly. Looking at history:

  • In the 1990s, rates often hovered between 7% and 9%.

  • In the early 2000s, 6%–7% was the norm.

  • Even in the 1980s, people were buying homes with rates over 12%–18%!

So while 7% might seem high compared to recent years, it’s actually fairly normal from a long-term perspective.

2. Less Competition = More Negotiating Power

Right now, many buyers are sitting on the sidelines, waiting for rates to drop. That means:

  • Fewer bidding wars

  • More room to negotiate on price and repairs

  • More homes to choose from

This is a rare moment where you — the buyer — have the upper hand. Sellers are more motivated, and you may even be able to get seller credits or rate buy-downs to ease the initial cost.

3. When Rates Drop, the Buying Frenzy Returns

Rates will come down. It’s not a matter of if, but when. And when they do:

  • Demand will surge — all those buyers waiting on the sidelines will jump in.

  • Multiple offers will return

  • Prices will likely climb — fast.

If you buy now, you’re ahead of the curve. You’ll own the home, and when rates drop, you can refinance — possibly into a lower monthly payment — without having to compete all over again.

4. You Marry the House, But Date the Rate

Rates are temporary. Your mortgage isn’t locked forever. You can refinance when rates drop, but you can’t go back in time and buy a house at today’s price once the market heats up again.

Bottom Line:
If you can afford the payment and find a home you love, this market actually favors the prepared buyer. You’re not just buying a home — you’re buying opportunity. The smartest move might just be buying now, while others are waiting.

contact me for more information mchurch@acmllc.com