If you’ve been doomscrolling mortgage headlines, you’ve probably seen it all: “Rates are finally dropping!” followed by “Rates tick back up!” Cool. Not helpful.
Here’s the real story: as of early November 2025, 30-year fixed mortgage rates are hovering in the mid-6% range—down from the 7s we saw, up a hair from recent lows, and still high compared to the 3% era that absolutely isn’t coming back anytime soon. Freddie Mac
So should you buy now, or wait?
1. What “Mid-6%” Actually Looks Like in New Jersey
Instead of guessing, run the numbers.
Say you’re eyeing a $500,000 home in Union County with 10% down:
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Price: $500,000
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Down payment (10%): $50,000
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Loan amount: $450,000
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At a mid-6% rate (example: 6.5%): your estimated principal & interest is around $2,845/month
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At 7.5%: it jumps to about $3,146/month
That’s roughly a $300/month swing from just a 1% rate difference.
Now here’s where strategy matters: a negotiated seller credit can help cover closing costs or buy down your rate, which can bring that payment closer to where you’re comfortable.
Want to see what this looks like for your budget?
👉 Use our Mortgage Calculator below to plug in your own price, down payment, and rate scenarios. Test different options, see how a small rate change or seller credit moves your payment, and then reach out so we can help you structure an offer that actually fits your life—not just the headlines.
Have fun! Play around with our Mortgage Calculator.
2. Why Waiting for the “Perfect” Rate Is Risky
Things to spell out:
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Home prices in NJ are still strong, especially in desirable commuter and school districts. Waiting for “perfect” rates while prices continue to creep can cancel out any savings. New Jersey Real Estate Network
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Inventory is loosening a bit, which means more choices and slightly better negotiating power than the peak frenzy.
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You can’t refinance the house you didn’t buy. If rates dip meaningfully later, refis exist.
3. When It Makes Sense to Buy Now
This is where you sound like you:
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You’ve got stable income & some savings.
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You plan to stay at least 5–7 years.
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You find a home that checks your non-negotiables (commute, schools, space, neighborhood).
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You’re open to seller credits, rate buydowns, or closing-cost help that we can negotiate for you.
This year, one of our agents was able to help his buyers score $100,000 under ask on their dream home! We can’t guarantee this will happen for everyone (realistically, this is extremely rare), but strategy, negotiations, and many other factors can pull together at the same time to be in the buyers’ favor.
4. When Waiting Might Be Smarter
Be honest with yourself:
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Your payment at today’s rate stretches you too thin.
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Your job or life situation is changing in the next 12 months.
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Your credit score needs love; 30–90 days of cleanup could save you serious money.
5. How Our Team Helps You Play It Smart
Wrap with a service-forward close:
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We walk you through payment scenarios at different rates and price points.
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We connect you with trusted local lenders who offer buydowns and creative solutions—not TikTok gimmicks.
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We focus on Union, Clark, Scotch Plains, Woodbridge & surrounding towns, so you’re not guessing on value.
Still need help? Grab a 15-minute ‘Can I Actually Afford This?’ strategy call.