If there’s one question I’ve been asked more than any other this spring, it’s this: “Robbie, what are rates going to do?” If I had a crystal ball, I’d be writing from a beach chair in Capri. I don’t. But my phone rings every day, and what I’m seeing in Miami right now is this: interest rates are still the biggest talking point in every conversation I have with a buyer. Every buyer wants to know when the rate is going to drop. What I do know, after 18 years in this market, is that waiting for the “magic number” is costing people homes. I have fallen victim to the “wait/see” attitude myself. I’m not an economist (I struggle with my own checkbook), but here’s what I know. The Fed has moved a few times this past year, and mortgage rates have done their own dance—not always in step.

Today, most buyers I work with are looking at 30-year fixed rates in the mid-6s, with 15-year loans a bit lower. Real numbers—not the 8% we were staring at a couple of years ago. I spoke to two of my trusted mortgage advisors and they are clear: we are not going back to 3, 4 or 5% rates anytime soon. When a good listing hits the market in the Shores, Edgewater, South Miami or other desirable neighborhoods, it is not sitting. The buyers who stopped waiting are writing offers this month. Last October, a lovely couple sat across from me and said they’d wait “until rates hit five and a half.” Rates didn’t. They’ve watched the building they wanted go up in price twice. The unit they passed on? Gone. The one they’re now considering? More expensive—at the same rate. Waiting cost them, plain and simple.

First-time buyers, don’t forget the tools. Miami-Dade MDEAT offers closing cost assistance. The City of Miami has help for single-family homes, townhomes, and condos. The HomeTown Heroes program is alive and well for first responders, educators, healthcare workers, and veterans. Veterans can purchase up to $832,750 on a conforming loan with zero down. These benefits don’t shrink while you wait for the “perfect” rate.

My bottom line: the best rate is the one that gets you into the right home at the right price. You can refinance a rate. You cannot refinance a purchase price that has appreciated past you. Miami is not slowing down. Buyers who understand the cycle are building equity while fence-sitters run mortgage calculators. Want to talk through your situation, or get my lender referrals? I am here. That’s what I do.

I am Robbie Bell, your urban lifestyle specialist and global real estate advisor. I am a certified international property specialist (CIPS), certified probate real estate specialist (CPRES), accredited buyer’s representative and seniors’ real estate specialist (SRES). If I can be of assistance, please do not hesitate to call me at 305-528-8557 or write robbie@robbiebell.com.