Mortgage Rates Are Back Above 7%. Should Central Ohio Buyers Wait?

On September 24, 2026, Freddie Mac reported the average 30-year fixed rate at 7.03%, the first time above 7% since January 2025. The week before, the Federal Reserve raised its benchmark rate by a quarter point, its first move this year, and several policymakers signaled another increase is possible before year end.

If you have been house hunting, the instinct to wait it out is completely understandable. The better question is what waiting actually costs, so let's put real Central Ohio numbers on it.

Where Central Ohio Prices Stand

• The regional median sale price was $345,500 in August, up 2.2% from a year ago.
• Year to date, the median is $342,000, up 3.7% from the same period in 2025.
• Sellers accepted 96.9% of their original list price on average, about a 3% discount by closing.
• Central Ohio's median sits $83,600 below the national median of $429,100.

Prices here are not racing, but they are still rising. That matters when you compare buying now with buying a year from now.

Buy Now vs. Wait a Year: The Scenarios

These examples use a median-priced home, 20% down, and a 30-year fixed loan, showing principal and interest only. The wait-a-year scenarios assume prices keep rising at 2026's year-to-date pace of 3.7%, which puts that same home at about $358,300.

• Buy now at 7.03%: $345,500 price, $69,100 down, about $1,844 a month.
• Wait, and rates ease to 6.65% (where they were in late August): about $1,840 a month. Essentially the same payment, plus about $2,560 more needed for your down payment and a year of rent paid in the meantime.
• Wait, and rates fall to 6.30% (a year-ago level): about $1,774 a month, roughly $70 less than buying today, still with the larger down payment.
• Wait, and rates stay at 7.03%: about $1,913 a month, roughly $69 more than buying today.

In other words, rates would need to drop by roughly 0.4 points over the next year just to break even with normal price growth. And if you buy now and rates do fall later, refinancing is an option. If you wait and prices rise, you cannot go back and buy at today's price.

When Waiting Is the Right Call

• The payment at today's rate stretches your budget. Only buy at a payment you could hold comfortably if rates never come down, because a future refinance is never guaranteed.
• You may move again within about three years, when closing costs on both ends eat into any gain.
• You are rebuilding credit or savings. A stronger credit score or bigger cushion can matter more than a quarter point move in the market.

Making Today's Rate Work if You Buy

• Target homes that have been listed 30 days or more. Those sellers are often the most open to credits toward your rate or closing costs.
• Budget from the full monthly payment, including property taxes and insurance, not the list price.
• preapproved now so you know your exact number and can move quickly when the right home appears.



Bottom Line

Waiting for lower rates only pays off if rates fall meaningfully while prices stall. With Central Ohio prices up 3.7% so far this year, rates would need to drop about 0.4 points just to break even. If the payment works for you today, buying now and refinancing later if rates fall is usually the lower-risk path. If it does not work today, waiting is the smart move, and a clear plan makes the wait productive.

Margaret Lipp | REMAX Premier Choice

Serving Upper Arlington, Dublin, Worthington, Clintonville, Hilliard, Powell, Grandview, and all Central Ohio communities

Data source: Columbus REALTORS® Central Ohio Housing Report, August 2026 (released September 14, 2026), based on Columbus & Central Ohio Regional MLS residential data. MLS price figures do not account for sale concessions. Mortgage rate data: Freddie Mac Primary Mortgage Market Survey, week of September 24, 2026. Payment examples show principal and interest only and are illustrative, not a loan quote; taxes, insurance, and HOA dues are additional. Consult a licensed lender for rates and terms. Future price and rate scenarios are hypothetical illustrations, not forecasts.