For many buyers in the Boston suburbs, the biggest question right now isn’t just where to buy—it’s when to buy. With interest rates fluctuating and home prices still strong, some are wondering if they should wait for rates to drop or move forward now before competition heats up. The answer? It depends on your situation, but waiting isn’t always the best strategy.
Where Are Interest Rates Now?
After the rapid rate hikes of 2022 and 2023, mortgage rates started to settle, but they remain higher than the ultra-low rates of the pandemic years. As of early 2025, 30-year fixed mortgage rates are hovering around 6-7%, a noticeable increase from the 3% range buyers enjoyed just a few years ago. While some experts predict a gradual decline later this year, there are no guarantees—and even small rate dips often trigger a surge in buyer activity, which can push home prices higher.
What Does This Mean for Buyers?
Higher rates do impact affordability, but home prices in our area—particularly in towns like Concord, Lexington, and Acton—have remained resilient due to continued demand and low inventory. In competitive markets, buyers who wait for rates to drop may find themselves facing more bidding wars and rising prices. A home that’s within budget today could become out of reach if prices increase, even if rates decrease slightly.
However, there’s good news: many lenders are offering rate buydowns, adjustable-rate mortgages (ARMs), and refinancing options that allow buyers to secure a home now and refinance later when rates come down. If you find the right home at a price that works for you, it may be worth moving forward instead of waiting for the perfect rate.
Should You Buy Now or Wait?
Here are a few key questions to ask yourself:
Are you financially ready? If your budget is solid and you plan to stay in the home for several years, buying now could make sense—especially with the option to refinance later.
Is inventory improving in your target area? Some towns are seeing more listings this spring, which can provide more opportunities and slightly less competition.
How does renting compare? If you’re renting, consider how much you’re paying in rent vs. what you could be building in equity. In many cases, buying still makes financial sense long-term.
Where Does That Leave Me?
There’s no one-size-fits-all answer, but if you’re serious about buying, it’s worth having a conversation with a local lender and real estate professional to understand your options. The right home in the right location is always a smart investment—and if interest rates drop in the future, refinancing can provide even more savings.
Thinking about making a move this spring? Let’s talk about what’s happening in the local market and how you can find the right home at the right time!