Should I Wait to Buy a Home or Refinance? July 2025 Mortgage Advice from a Clarkston Expert
Erik Gascho • July 23, 2025
If you’ve found yourself asking “Should I wait to buy a home?” or “Is now a good time to refinance?”
If you’ve found yourself asking “Should I wait to buy a home?” or “Is now a good time to refinance?”, you’re not alone. At our Clarkston, Michigan mortgage office, it’s one of the most common conversations I’m having with clients this summer.
Let’s break down what’s happening right now in the market—and what it means for you.
📉 Mortgage Rates Are Easing… But Not for Long
After hitting painful highs in late 2023 and early 2024, interest rates have gradually softened. In July 2025, we’re seeing 30-year fixed mortgage rates hovering in the mid-6% range for well-qualified buyers. It’s not the 3% days of 2021—but it's also not 8% anymore.
📊 Local Tip: In Oakland County (including Clarkston, Lake Orion, and Waterford), home prices have remained steady. Inventory is still tight, which means demand remains strong.
If you're buying your first home, this rate dip could save you hundreds per month compared to locking in last fall.
🔁 Should I Refinance Now?
Homeowners who bought or refinanced between 2022–2024 in the 7–8% range are in a great position to benefit from a refinance.
Refinancing now could:
Lower your monthly payment
Remove PMI if you’ve gained enough equity
Consolidate high-interest debt
Free up monthly cash flow
💡 Pro Tip: If you have a HELOC or credit card balances, a debt consolidation refinance could improve both your budget and your credit score.
I offer a free refinance assessment where we’ll review your current loan, compare options, and run a Total Cost Analysis to see if it makes sense.
🏡 Buying in Today’s Market: The Smart Approach
If you’re waiting for rates to “drop more,” here’s the reality: The best time to buy is when your life says you’re ready. Waiting for a perfect rate can cost you more in rising home prices or lost rent payments.
Here’s how we’re helping Michigan buyers win in this market:
First-time buyer coaching to help you get pre-approved with confidence
Zero and low down payment options available
Rate Rebound Plan: Buy now, and we’ll help you refinance later when rates drop—without paying full closing costs again
🧠 Remember: You marry the house, but date the rate. You can always refinance, but you can’t go back in time and buy at today’s price.
📍 Local Expertise from Clarkston to Rochester Hills
I work with homebuyers and homeowners throughout:
Clarkston
Lake Orion
Waterford
Auburn Hills
Rochester Hills
Grand Blanc
and across Southeast Michigan
Whether you’re upsizing, downsizing, or refinancing, we’ll build a plan around your long-term goals—not just today’s rate.
Let’s Make a Smart Move Together
Everyone’s situation is different. That’s why our first conversation is never about “selling you a loan”—it’s about understanding your goals and building a strategy around them.
If you’re wondering what’s possible this summer, let’s talk.
👉 Schedule a free mortgage strategy call here
📞 Or text me at [your number]—I’m happy to help however I can.
Discover NEO Home Loans’ client-first philosophy. Serving Clarkston, Michigan, and beyond, we help families build financial freedom with smarter mortgage strategies, ongoing management, and personalized care.
Discover today’s Michigan mortgage rates, housing trends, and expert advice for homebuyers and refinancers. Learn if now’s the right time to act, with insights for Clarkston and nearby communities.
Mortgage interest rates are finally falling in Michigan. Learn what the Fed’s expected rate cut in September means for homebuyers and homeowners in Clarkston and beyond.
Don’t just chase a low mortgage rate—build a strategy. Learn why Clarkston, Michigan homebuyers and refinancers are integrating their mortgage with long-term financial plans for smarter cash flow, retirement readiness, and wealth protection.
The Fed held rates steady at 4.25–4.5% in July 2025. Learn what that means for Michigan mortgage rates, whether it’s time to buy or refinance, and what’s next for homebuyers in Clarkston and surrounding areas.
Feeling priced out of the Michigan housing market? Learn how Millennial buyers in Clarkston and Metro Detroit can still afford their first home, even with high interest rates and home prices.
Discover how our Mortgage Under Management™ system helps Clarkston homeowners stay ahead of the market, avoid overpaying, and refinance at the right time.
Mortgage rates are being influenced by tariffs, the Federal Reserve, and global market volatility. Here’s what Clarkston homebuyers and homeowners need to know this week—and what actions to take.
Fed Governor Waller hints at interest rate cuts soon—but what does that mean for mortgage rates in Clarkston, Michigan? Learn what it means for homebuyers and homeowners now.
