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Are you thinking about buying a home in Wisconsin? If so, you’ve probably seen articles talking about mortgage rates dropping later this year. But now that we’re halfway through 2024, the Federal Reserve has made it clear that rates are staying the same for now. If you waited to buy a home, you might be making a big mistake.

The Cost of Waiting

Imagine you found a home you loved in December 2023. You decided to wait, hoping rates would go down. But now, in mid-2024, that same home has probably gone up in price by thousands of dollars. Why? Because home prices tend to rise over time. This means that even if mortgage rates drop later, you might end up needing a bigger loan to buy the same home.

Missing Out on Equity

If you had bought that home back in December, you could have started building equity right away. Equity is the portion of the home that you actually own, and it grows as you pay off your mortgage and as the home’s value increases. By waiting, you’re missing out on this potential growth.

Refinancing for Better Rates

Instead of waiting, consider buying a home now and refinancing later when rates do drop. This way, you can lock in today’s home prices and start building equity right away. Plus, when you refinance, you might be able to get rid of Private Mortgage Insurance (PMI) if your home’s value has increased enough. PMI is an extra cost that you pay if your down payment is less than 20%, but with enough equity, you can remove it and save money.

How Much Home Can You Afford?

It’s important to figure out how much home you can afford now. By doing this, you can take advantage of current rates and avoid paying more for the same home later. Plus, you’ll start building equity and be in a better position to refinance when rates do drop.

Trust First Wisconsin Financial

At First Wisconsin Financial, we are here to help you understand your options and make the best decision for your future. Our team of experts can guide you through the process and help you find a mortgage that fits your needs. Don’t wait for rates to drop and miss out on the benefits of buying now. Contact First Wisconsin Financial today and take the first step toward owning your dream home.


By acting now, you can avoid the potential pitfalls of waiting and make a smart investment in your future. Trust First Wisconsin Financial to help you navigate the home-buying process and secure the best mortgage for your needs.