Should I Wait to Buy a Home or Refinance? July 2025 Mortgage Advice from a Clarkston Expert
Erik Gascho • July 23, 2025
If you’ve found yourself asking “Should I wait to buy a home?” or “Is now a good time to refinance?”
If you’ve found yourself asking “Should I wait to buy a home?” or “Is now a good time to refinance?”, you’re not alone. At our Clarkston, Michigan mortgage office, it’s one of the most common conversations I’m having with clients this summer.
Let’s break down what’s happening right now in the market—and what it means for you.
๐ Mortgage Rates Are Easing… But Not for Long
After hitting painful highs in late 2023 and early 2024, interest rates have gradually softened. In July 2025, we’re seeing 30-year fixed mortgage rates hovering in the mid-6% range for well-qualified buyers. It’s not the 3% days of 2021—but it's also not 8% anymore.
๐ Local Tip: In Oakland County (including Clarkston, Lake Orion, and Waterford), home prices have remained steady. Inventory is still tight, which means demand remains strong.
If you're buying your first home, this rate dip could save you hundreds per month compared to locking in last fall.
๐ Should I Refinance Now?
Homeowners who bought or refinanced between 2022–2024 in the 7–8% range are in a great position to benefit from a refinance.
Refinancing now could:
Lower your monthly payment
Remove PMI if you’ve gained enough equity
Consolidate high-interest debt
Free up monthly cash flow
๐ก Pro Tip: If you have a HELOC or credit card balances, a debt consolidation refinance could improve both your budget and your credit score.
I offer a free refinance assessment where we’ll review your current loan, compare options, and run a Total Cost Analysis to see if it makes sense.
๐ก Buying in Today’s Market: The Smart Approach
If you’re waiting for rates to “drop more,” here’s the reality: The best time to buy is when your life says you’re ready. Waiting for a perfect rate can cost you more in rising home prices or lost rent payments.
Here’s how we’re helping Michigan buyers win in this market:
First-time buyer coaching to help you get pre-approved with confidence
Zero and low down payment options available
Rate Rebound Plan: Buy now, and we’ll help you refinance later when rates drop—without paying full closing costs again
๐ง Remember: You marry the house, but date the rate. You can always refinance, but you can’t go back in time and buy at today’s price.
๐ Local Expertise from Clarkston to Rochester Hills
I work with homebuyers and homeowners throughout:
Clarkston
Lake Orion
Waterford
Auburn Hills
Rochester Hills
Grand Blanc
and across Southeast Michigan
Whether you’re upsizing, downsizing, or refinancing, we’ll build a plan around your long-term goals—not just today’s rate.
Let’s Make a Smart Move Together
Everyone’s situation is different. That’s why our first conversation is never about “selling you a loan”—it’s about understanding your goals and building a strategy around them.
If you’re wondering what’s possible this summer, let’s talk.
๐ Schedule a free mortgage strategy call here
๐ Or text me at [your number]—I’m happy to help however I can.
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Classic FICO gives lenders a snapshot of your credit at one point in time. It looks at things like payment history, balances, length of credit, credit mix, and recent credit activity.
Many homeowners feel stuck.
On one hand, you may have a mortgage rate that’s far lower than today’s market rates. Giving that up can feel like a mistake.
Homeownership is not just about getting the keys.
It is about caring for the place you live, protecting the investment you made, and making smart financial decisions along the way. At NEO Home Loans, we believe successful homeownership is built one month at a time through education, planning, and proactive support.
Do we make an offer and hope everything works out?
Do we wait and risk losing the home?
Do we rush our current home onto the market?
Unfortunately, this is where many homeowners find themselves.
Nobody wants to feel like they bought at the “wrong time.” Especially after watching headlines bounce between “housing crash,” “record prices,” and “rates are too high.”
