Is now a good time to buy with interest rates where they are?
You marry the house, date the rate. If you find the right home in the right neighborhood, you refinance when rates drop. But if you wait for 'perfect rates,' you compete with everyone else who waited, prices rise, and you've paid rent the whole time. Here's the honest math most people skip: on a typical Minneapolis home, the monthly payment often lands in the same ballpark as renting a comparable place — and the gap, where there is one, is buying you equity, principal paydown, and tax benefits instead of building a landlord's wealth. Run the 5-year projection with a lender on a real home at today's rate, then decide. Want a hand with that projection? Send me a text and we'll rough it out together — rent versus own.
I wrote this answer, and I stand behind it. I'm Chris Deutsch, a Minneapolis Realtor (MN #20382264). Twenty-five years of walking these neighborhoods, checking basements, and sitting across kitchen tables from people making exactly this call. I re-check every answer and date it — this one was last verified .
If your situation is more specific than the market, that's the one worth talking through. Email me at chris@lakesarearealty.com.