Timing is everything, maybe.

The recent jobs report was a reminder to homebuyers and homeowners looking to refinance that trying to time mortgage rates is tricky and can be risky. Many people expecting lower rates were surprised when they went up instead.

Last week, the 30-year fixed mortgage rate increased from 6.2% to 6.53%, meaning someone buying a $400,000 home would now pay about $70 more a month in interest. By Monday, the rate had jumped again to 6.62%, making buying or refinancing more expensive.

This increase came after many were hopeful rates would fall following the Federal Reserve’s interest rate cuts. But mortgage rates don’t directly follow the Fed’s actions—they react to bigger economic news. In the weeks leading up to the Fed meeting, rates had dropped, giving homebuyers and refinancers hope. But strong economic data made investors rethink the likelihood of more rate cuts, and rates went up instead.

Trying to time the market to secure the lowest rate, whether you’re buying a home or refinancing, can be a gamble. While mortgage rates are expected to hover around this level for the rest of the year, unexpected events—like changes in the economy or the upcoming election—could cause them to shift again. Rates may drop in the long run, but waiting too long can mean missing out on great opportunities.

Instead of stressing about timing, the smartest move is to be prepared. That’s where working with us—the California Employee Loan Program Team at Fairway Independent Mortgage Corp—comes in. We can help you get and stay preapproved, so you’re ready to act when the right opportunity arises. Whether that’s locking in a lower rate when it becomes available or jumping on the perfect home when it hits the market, being ready is the best strategy.

Beyond rates, other factors like home prices and your personal financial situation play a big role in making the right decision. Instead of waiting for the “perfect” rate, get preapproved now so you can act when the time is right. With our help, you’ll be in the best position to make the most of the market—whenever the right opportunity strikes.