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There's a popular saying in real estate: "Marry the house, date the rate." In other words, you're stuck with the home you buy, but mortgage rates are fickle — you borrow money at one rate, then someday you refinance and get a better one, shaving hundreds of dollars off your monthly payments.
But as anyone swiping on the apps will tell you, dating isn't all it's cracked up to be. That's especially true for anxious buyers who are holding out hope that high rates will soon drop. Like hopeless romantics waiting for something better to come along, these wannabe homeowners could be making a grave miscalculation.