Anyone out there been holding off a big purchase for interest rates to change?

[LuvOrlando]

We decided to keep our lease longer instead of buying it out or buying another vehicle because I new the rates couldn't stay propped up as they were forever, this month or next month or in a few at some point there was gonna be a shout of, "Timber!'

Not in a rush, I'm still going to wait and see how it all shakes out because maybe it'll drop more but the rates were a deterrent to picking up anything new and I'm wondering who else held off?

 

[Alicatt]

Rumor is that they are about to down further. They have gone down some but it takes a while for it to really show. I put my money in a high interest account until rates go down. Then as soon as buying is more appealing and saving less, I'll buy.

 

[DCLMP]

They cut rates when the economy is in trouble. I would expect to see more cuts. The rates were never high enough. They can't raise them because the economy can't handle it.

To answer your question. No plans to make a big purchase. I don't think taking on debt right now is wise.

 

[tvguy]

Well, not sure the going commercial interest rates would be an issue for me. I would instead look for manufacturers special financing which is zero percent on some cars now and some dealers are still trying to unload 2023 new cars, next to 2024 and 2025 models.

 

[easyas123]

Kinda sorta. We were going to buy a property from my folks, but they had a super low interest rate that we couldn't get by the time we decided to buy. We ended up just paying the mortgage in their name at the low rate, saving a lot each month. But as the rates come down we may reconsider. On the flip side we have been sitting on a piece of property that is a bit of a white elephant - now that rates are coming down we are considering putting it on the market. Time will tell. Sitting tight and seeing how things play out-

 

[LuvOrlando]

Kinda sorta. We were going to buy a property from my folks, but they had a super low interest rate that we couldn't get by the time we decided to buy. We ended up just paying the mortgage in their name at the low rate, saving a lot each month. But as the rates come down we may reconsider. On the flip side we have been sitting on a piece of property that is a bit of a white elephant - now that rates are coming down we are considering putting it on the market. Time will tell. Sitting tight and seeing how things play out-

Yes, we were kicking around the idea of buying again but between interest rates and the fact the home insurance companies have all decided to lose their minds collectively the past 2-3 years I'm firmly paused until sanity prevails.

I'm enjoying the fact that as renters we can change complexes, change towns or even jump states if things get or stay too wacky. I don't trust nothin' these days, it all feels like sand beneath my feet which is odd because I never saw so much volatility in my entire life.

 

[DCLMP]

Yes, we were kicking around the idea of buying again but between interest rates and the fact the home insurance companies have all decided to lose their minds collectively the past 2-3 years I'm firmly paused until sanity prevails.

I'm enjoying the fact that as renters we can change complexes, change towns or even jump states if things get or stay too wacky. I don't trust nothin' these days, it all feels like sand beneath my feet which is odd because I never saw so much volatility in my entire life.

I think that's smart. I'd love that freedom in these unpredictable times. I wake up everyday and think what happened today and what's next?

 

[cabanafrau]

Not us. We're staying in our house and have no need for a vehicle anytime soon as things stand.

 

[china mom]

I am house shopping right now with my son. If we buy and rates come down (as expected) we can always refinance. but if we wait until interest rates go up and more buyers enter the market, we may find house prices rising.

DH and I have a house on the market and no one is interested. I am hoping that lower interest rates get the fence sitters moving.

Edited to add that this reads like I am leaving DH to move in with DS. H and I are fine, we are selling an investment home and will re-invest the proceeds. Meanwhile DS is looking to buy his first home, with our help.

 

[_19disnA]

I don't see any reason to rush out and make a large purchase just because rates have gone down 0.5%. General indications are the Fed will cut rates again and they usually publish their intentions well in advance. IF rates were planned to go UP, then it would seem like a better time to purchase home/land while rates are lower. Waiting until they drop further makes more sense unless it was a large purchase you were already planning to make such as a home/land.

 

[Moliphino]

I bought my house at the end of 2019 when rates were low. I'm not going anywhere.