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Marry the House, Not the Rate

Marry the House, Not the rate


In recent months, there has been a noticeable increase in interest rates, which has become a hot topic in the real estate industry. Many people are wondering whether they should wait for interest rates to go down before making a home purchase. However, in today’s volatile market, it’s important to understand the concept of “marry the house, not the rate.” This article will explain what this phrase means and why it’s crucial to make informed decisions when it comes to buying a home, considering interest rates, and timing your refinance.

The Current Real Estate Market Landscape

Holly Seidel, who is associated with the Cannon Builders Dream Team, acknowledges that interest rates have been on the rise in recent months. That this topic is often avoided or overlooked, but it’s a crucial factor to consider when making a large home purchase.

Understanding “Marry the House, Not the Rate”

Instead of waiting for interest rates to go down, potential homebuyers should focus on what they can afford based on the current interest rates. Interest rates are currently normalizing after a period of inflation and waiting for rates to go down may not be a wise decision.

Importance of Affordability and Timing

The significance of affordability and timing when it comes to buying a home. Potential homebuyers should consider what they can afford today, even if the interest rates are higher than expected.  Waiting for rates to go down may not be a good idea. The housing market prices are expected to continue to increase due to factors such as rising material costs for new home construction. Potential homebuyers should take advantage of the current interest rates and lock in a rate if they can afford it. Some new home construction programs allow buyers to lock in rates for up to a year, providing flexibility and opportunities for refinancing.

Benefits of Refinancing

Homeowners can take advantage of refinancing opportunities in the future if they lock in a rate today. Refinancing can allow homeowners to lower their interest rates, get rid of private mortgage insurance (PMI), or take advantage of equity gained in the home due to market appreciation. While a home is a long-term investment, the interest rate is temporary and can be refinanced in the future to take advantage of better opportunities.

Seeking Professional Advice

Holli recommends seeking advice from trusted lending institutions, mortgage advisors, or professionals in the real estate industry. It’s best to understand the current market conditions, determine affordability, and make informed decisions about timing and interest rates. She encourages potential homebuyers to have open conversations with your mortgage advisors to determine the maximum they can afford.

About Cannon Builders

For the past 50+ years, Cannon Builders has been a family-owned company providing new construction on residential structures. Our custom-built houses in Warren County and Lincoln County, MO prioritize quality workmanship with a wide array of home styles to fit the diverse desires of homebuyers. All our communities in Wright City and Troy qualify for the United States Department of Agriculture (USDA) Guaranteed Rural Houses Loan Program, making homeownership attainable for many more residents. Our company is located in the St. Louis, MO metropolitan area, and we are proud of our history as dream home providers. Contact us today