Would You Let $80 a Month Hold You Back from Buying a Home in West Seattle?

A lot of West Seattle buyers are sitting in “wait and see” mode right now. They’re watching mortgage rates hover in the low 6% range and thinking, I’ll jump in once rates hit the 5s. And sure — everyone wants a better rate. But here’s the surprising part: that magical 5.99% number may not actually save you as much as you think. Affordability is still a challenge everywhere, including in the West Seattle real estate market. But buyers today are already in a better position than they were just a few months ago — and many don’t even realize it.

You’re Already Saving More Than You Think

Mortgage rates peaked above 7% back in May. Since then, they’ve been slowly trending down, landing in the low 6% range today. That shift may seem small, but the savings are very real. According to Redfin, the monthly payment on a $400,000 home is down almost $400 per month compared to this spring. That’s hundreds of dollars back in your pocket — every single month — just because rates have cooled a bit. If you pressed pause on your West Seattle home search earlier this year, the truth is: the affordability you were waiting for has already arrived.

Why Waiting for 5.99% Might Cost You More

Experts expect mortgage rates to stay close to where they are now throughout 2026. Only one major forecaster expects rates to dip into the upper 5s — and even if they do, that drop won’t change your monthly payment dramatically. Let’s do the math. If rates fall to 5.99%, the difference in your monthly payment compared to today’s rates is about $80 per month. Eighty. Dollars. That’s one dinner out. One delivery night in. Not exactly a game-changing savings — especially when we’ve already seen $300–$400 monthly savings from the drop that’s already happened. So the real question is: Is $80 a month really worth waiting for?

The Real Cost of Waiting: More Buyers, More Competition

Here’s where West Seattle real estate gets interesting. If rates dip below 6%, even slightly, buyer psychology shifts instantly — and competition skyrockets. The National Association of Realtors (NAR) says that a drop to 6% would make homeownership affordable for millions more households. Even if a fraction of those buyers jump in, competition goes up, prices rise, and the negotiating power buyers have right now? Gone.

Today’s market gives you:

• More homes to choose from
• More motivated sellers
• More negotiating room
• Less competition

Once rates hit the 5s, that window closes fast.

Bottom Line

You don’t need to wait for 5.99% to buy a home in West Seattle. The real savings are already here — and the smartest buyers are taking advantage of this quieter, less competitive moment. So ask yourself: Would you really let $80 a month hold you back from buying a home? If you're thinking of making a move, talk to a West Seattle real estate agent or lender to run your numbers. It might make more sense than you think — and now could be the perfect time to get ahead of the crowd.