Don't Let a Small Monthly Difference Delay Your Move

Many homebuyers in Miami and the Florida Keys are waiting for mortgage rates to dip below 6%, hoping that 5.99% mark will make homeownership more affordable. But here’s the truth—waiting for that number might not save you as much as you think.

Rates have already dropped from their peak earlier this year, falling from just over 7% to the low 6% range. That shift translates into real savings. According to Redfin, the typical monthly payment on a $400,000 home is now nearly $400 less than it was in May. That’s meaningful monthly relief for buyers who stepped back earlier in the year.

Even if rates fall slightly lower, the difference is minimal. A drop from 6.2% to 5.99% only saves about $80 per month—hardly enough to offset what could happen next. Once rates fall under 6%, more buyers will flood back into the market. The National Association of Realtors (NAR) projects that nearly 5.5 million households could suddenly afford the median-priced home if rates hit 6%. That means higher competition and likely higher prices.