Should I Buy a Home Now or Keep Renting?

If mortgage rates are around 7%, is buying a home right now really a good idea?

Or are you better off renewing your lease, continuing to rent, and waiting for rates to come back down?

It is one of the most common questions I hear from buyers right now.

And my answer may surprise you:

Renting might be the better decision.

But buying might be, too.

The important part is figuring out which one actually makes sense for your life, your monthly budget, and your plans for the next several years—instead of making the entire decision based on one number.

Yes, Interest Rates Matter

Let’s get this out of the way first.

Interest rates matter.

A higher mortgage rate means a higher monthly payment. There is no reason to pretend otherwise.

As of September 2026, mortgage rates are hovering around the 7% range, and some borrowers are seeing rates above 7% depending on their qualifications, loan program, points and other factors.

That absolutely affects affordability.

But I think buyers sometimes make a mistake when they turn the interest rate into the entire decision.

Instead of asking:

“Is 7% a good interest rate?”

I think there is a better question:

“Does the payment work for me, and does buying this home improve my life enough to make that payment worthwhile?”

Those are two very different questions.

Stop Thinking About the Percentage for a Minute

Here is an example.

Imagine a $350,000 home with 10% down and a $315,000 mortgage.

On a 30-year loan at 7.25%, the principal and interest payment would be approximately $2,149 per month.

At 6.25%, that same loan would be approximately $1,940 per month.

That's about a $209 monthly difference.

Taxes, insurance, mortgage insurance, HOA dues and other expenses would still need to be added, so this isn't intended to be an actual mortgage quote.

But now we have turned an abstract number into something we can actually evaluate.

Instead of saying:

“I refuse to buy until rates are in the 6s.”

You can ask:

“Would approximately $209 per month change my decision?”

Maybe the answer is absolutely yes.

If that difference puts the payment outside your comfort zone, buying right now may not make sense.

But maybe the answer is no because the home solves a problem that is worth considerably more than $209 a month to you.

That is where this becomes a personal decision instead of an interest-rate prediction.

What Is Renting Costing You?

Most rent-versus-buy conversations compare only two numbers:

Rent payment vs. mortgage payment.

That is important, but it is incomplete.

You also have to ask what your current living situation is costing you in other ways.

Maybe you are paying $1,800 a month for an apartment and buying would cost considerably more.

On paper, renting wins.

But what if you are also:

Driving 45 minutes to work every day?

Paying extra for storage because you don't have enough space?

Living without a yard for your kids or dogs?

Working from your dining-room table because you don't have an office?

Sharing walls with neighbors?

Parking outside?

Dealing with rent increases every year?

Waiting to have another child because your current home is too small?

Or simply tired of living somewhere that doesn't feel like yours?

Those things have value, too.

You don't necessarily buy a house because it is the absolute cheapest way to put a roof over your head.

You buy because of what owning that particular home allows you to do with your life.

We Make Decisions Like This Every Day

Think about something much smaller.

You can drive to McDonald's and buy a meal for around $11.

Or you might order that same meal through a delivery service and, after delivery fees, service charges, taxes and a tip, spend around $22.

Why would anyone pay almost twice as much?

Because the decision isn't always:

“What is the cheapest possible way to get a Big Mac?”

Sometimes the decision is:

“I want dinner brought to my house.”

Convenience has value.

Time has value.

Getting what you want now has value.

Obviously, buying a $350,000 house is dramatically different from ordering dinner. You should scrutinize a mortgage far more carefully than a food-delivery order.

But the principle is worth thinking about.

Price isn't always the only thing we value.

So when you're thinking about buying a home, ask yourself what you are actually trying to gain.

What Would Buying Give You That Renting Doesn't?

Before deciding to wait another year, ask yourself a few questions:

What is hardest about where I live right now?

What would make my day-to-day life easier?

What am I tired of sharing, driving to or working around?

What am I really hoping my next move gives me?

Would owning give my family more stability?

Would I use the additional space?

Is having a yard important?

Would I shorten my commute?

Do I want the freedom to paint, remodel or make the home my own?

How long do I realistically expect to stay in the Oklahoma City area?

And here's one of the biggest questions:

What happens if nothing changes for another year?

If your answer is, “Honestly, nothing. I'm comfortable renting and I'm saving money,” then continuing to rent may be perfectly reasonable.

But if you immediately have a list of things you're frustrated with, then there may be more to this decision than the mortgage rate.

Renting Isn't Throwing Money Away

I don't like telling people that renting is “throwing money away.”

It isn't.

You're paying for housing, flexibility and the ability to move without selling a property.

Renting can make a lot of sense if:

You're unsure where you want to live.

You may relocate soon.

Your income isn't stable.

You don't have enough emergency savings.

The costs of buying would stretch your budget too far.

You don't want responsibility for maintenance and repairs.

Or you simply aren't ready to own a home.

There are times when I would absolutely tell someone, “I think continuing to rent makes more sense for you right now.”

Buying a home simply because someone told you that you're supposed to own one isn't a good reason to buy.

But Waiting Has a Cost Too

The other side of the equation is that waiting isn't automatically free.

Suppose you're waiting for mortgage rates to fall.

What rate are you waiting for?

6.5%?

6%?

5.5%?

And more importantly:

What would that rate actually change in your monthly payment?

Those are questions worth taking to a qualified lender.

Because saying, “I'm waiting for rates to come down,” sounds logical.

But until you know what your target rate would actually save you each month, you don't know whether you're waiting to solve a $100 problem, a $300 problem or a $700 problem.

And nobody knows with certainty where mortgage rates will be next year.

Rates could decrease.

They could remain near today's levels.

They could increase.

Home prices could change too.

So I wouldn't make one of the biggest financial decisions of your life based entirely on trying to predict what the market will do next.

Don't Buy Today Assuming You'll Refinance Tomorrow

You've probably heard:

“Date the rate and marry the house.”

I'm not a huge fan of that advice.

Refinancing may be an option in the future if rates fall and you qualify, but there are costs involved and there is no guarantee that a refinance opportunity will appear.

I would rather see you buy a home with a payment that works today.

Then, if refinancing becomes beneficial later, great.

Think of it as a possible future opportunity—not the plan that makes an unaffordable house affordable.

Compare Renting and Buying Honestly

If you're trying to decide what to do, put the two options next to each other.

For renting, consider:

Your monthly rent.

Likely rent changes.

Your flexibility.

Utilities.

Storage or parking costs.

The conveniences and limitations of your current home.

For owning, consider:

The complete monthly housing payment.

Your cash needed at closing.

Maintenance and repairs.

HOA expenses if applicable.

How long you expect to live there.

The lifestyle improvement the home provides.

And your comfort level with the payment.

Then ask:

Which situation makes the most sense for my life over the next several years?

Not:

Which one has the prettiest interest rate?

The Right Time to Buy Isn't the Same for Everyone

There isn't a universal “best time to buy.”

There is only a time when buying makes sense for you.

If you love your rental, your payment is low, you're saving aggressively and your life doesn't require anything different right now, continuing to rent could be a smart decision.

But if you're ready for more space, stability, privacy, a yard, a shorter commute or a home that better fits the life you're building, don't automatically put that life on hold because the mortgage rate starts with a seven.

Let's do the math first.

Let's figure out the payment.

Let's look at your options.

Let's identify what buying would actually change for you.

And then you can make the decision with your eyes wide open.

Because my job isn't to convince everyone to buy a house.

My job is to help you understand your options clearly enough to know whether buying now—or continuing to rent—is the right move for you.

If you're trying to make that decision in the Oklahoma City metro, i can can help you compare the numbers, understand the local market and determine what buying would realistically look like for you.

Visit ForSaleOKC.com or call me direcly at 405.414.8750 to start the conversation.

Tara Levinson leads the Levinson Real Estate Team and helps buyers and sellers throughout the Oklahoma City metro.