Should You Buy Now or Wait? What Mid-6% Mortgage Rates Really Mean for Florida Buyers in 2026

I get this question at least three times a week: "Mindy, should I buy now or wait for rates to drop?"

It's a fair question. Mortgage rates hovering around 6.5% can feel like a tough pill to swallow, especially if you remember the 3% days. But here's the thing: waiting for the "perfect" rate might actually cost you more in the long run. Let me break down what's really happening in the Florida market right now and why the old saying "marry the house, date the rate" might be the smartest move you make in 2026.

The Current Rate Reality in Florida

Let's start with the facts. As of late January 2026, 30-year fixed mortgage rates are sitting around 6.1% to 6.3%, with 15-year rates a bit lower at 5.5% to 5.8%. For Florida specifically, we've seen rates ease from about 6.8% in early 2025 down to around 6.2% more recently.

That might not sound like a huge drop, but it's unlocked something important: pent-up buyer demand. After nearly three years of a sluggish market, we're finally seeing sales rise consistently. Time on market is leveling out. Inventory growth has slowed. Translation? The Florida market is waking up.

What Happens If You Wait for Lower Rates?

Here's the scenario that plays out time and time again: Buyers decide to wait for rates to drop to 5% or lower. Then one of two things happens: or sometimes both.

Thing #1: Home Prices Climb Higher

When rates drop, buyer demand surges. More people can suddenly afford that dream home in Orlando or that beachfront condo in St. Augustine. Sellers see the increased competition and adjust their prices upward. You might save $150 on your monthly payment thanks to a lower rate, but if home prices jump by 5-10% while you're waiting, you've actually lost money.

Think of it like this: Would you rather finance $400,000 at 6.3% or $440,000 at 5.5%? The monthly payments end up pretty similar, but in the first scenario, you're building equity on a smaller loan amount.

Thing #2: You Face More Competition

Lower rates don't just bring buyers back: they bring LOTS of buyers back. Suddenly, you're competing with 10 other offers on the same property. Bidding wars return. Sellers get pickier about contingencies. You lose out on homes you genuinely love because someone else offered more or waived their inspection.

Right now, with rates in the mid-6% range, the playing field is more level. You have time to think, negotiate, and make smart decisions without feeling rushed.

Marry the House, Date the Rate

This phrase gets thrown around a lot in real estate, and for good reason: it's solid advice.

Here's what it means: Focus on finding the right home in the right location for your lifestyle and budget. Don't obsess over the current interest rate because you can always refinance later when rates drop.

Your home's location, floor plan, neighborhood, and school district? Those are locked in. You're married to them. But your interest rate? That's just a date. If rates drop to 5% next year or the year after, you refinance and lower your payment. Problem solved.

The mortgage you get today doesn't have to be the mortgage you're stuck with for 30 years. Plenty of our clients at Eaz Realty have refinanced once or even twice over the years as rates shifted. It's a normal part of homeownership.

Florida-Specific Factors You Can't Ignore

Living in Florida comes with unique considerations that affect the buy-now-or-wait decision.

Inventory Is Tightening

We're not back to the frenzy of 2021, but inventory in many Florida markets: especially in Orlando, Tampa Bay, and Ponte Vedra: is starting to shrink again. The homes that are sitting on the market tend to be overpriced or have issues. The good ones? They're moving faster than they did six months ago.

If you wait too long, your options narrow. And if you're looking for something specific: like a waterfront property or a home in a top-rated school district: you might miss your window.

Insurance Costs Aren't Getting Cheaper

Let's talk about the elephant in the room: homeowners insurance in Florida. It's expensive, and it's not going down anytime soon. Flood zones, hurricane risk, and rising construction costs all play a role.

Here's the thing: Insurance costs are the same whether you buy now or later. Waiting for rates to drop doesn't fix your insurance premium. In fact, if you're currently renting and insurance costs keep climbing, buying now lets you lock in predictable housing costs (minus the insurance variable) instead of dealing with annual rent hikes that have no ceiling.

First-Time Buyers Are Being Squeezed Out

Nationally, first-time buyers make up only about 21% of purchases: way below historical norms. That tells us affordability is still a challenge. But in Florida, we're seeing opportunities for buyers who are prepared and working with the right team.

If you're a first-time buyer, waiting might mean watching your dream neighborhoods become even less affordable. Acting now, with the right strategy and a mortgage you can refinance later, could be your best shot at getting into the market before you're completely priced out.

When Should You Actually Wait?

I'm not saying everyone should rush out and buy a home tomorrow. There are legitimate reasons to wait:

• Your job or life situation is unstable. If you're not sure you'll be in Florida for at least 3-5 years, renting might make more sense.
• You haven't saved enough for a down payment. Buying without financial cushion is risky, especially with Florida's insurance costs.
• You're hoping to buy in a market that's genuinely overpriced. Some pockets of Florida are still adjusting from the 2021-2022 peak. We can help you identify whether your target area is fairly priced or still inflated.

But if you're waiting purely because you think rates will drop to 4% and everything will be easier? That's a gamble.

The Bottom Line: Stop Timing the Market, Start Living Your Life

No one has a crystal ball. Rates could ease to 6% by the end of 2026, or they could hover right where they are. What we do know is that Florida's housing market is active again, inventory is tightening, and good homes are moving.

If you find a house you love in a neighborhood that fits your lifestyle, and the payment works for your budget, buy it. Lock in your housing costs. Build equity. Refinance later if rates drop. Stop letting the fear of missing out on a lower rate keep you from moving forward with your life.

Your dream home in Palm Coast, St. Augustine, or Miami isn't going to wait for perfect market conditions. And honestly? Perfect market conditions don't exist

Let's Talk About Your Next Move

At Eaz Realty, LLC, we're here to help you make smart, informed decisions: not rushed ones. Whether you're ready to start your home search today or you need help running the numbers to see what makes sense for your budget, we've got you.

We know the Florida market inside and out. We've helped buyers navigate high-rate environments, low-rate frenzies, and everything in between. Our job is to make your move as smooth and stress-free as possible, from the coast to the keys.

Ready to explore your options? Let's work together to find the home that's right for you: at a rate you can always change later.

Because at the end of the day, it's not about timing the market perfectly. It's about finding the place where your next chapter begins. And that chapter? It's waiting for you right now.