The current average mortgage rate in Southern Maryland is 7.12% as of July 3, 2023.  Depending on your credit score and debt-to-income ratio you may qualify for a better rate in the 6% range. If you’re planning to purchase a home in the $400K price range, your monthly payment would cost roughly $3379 per month including a downpayment of $12,000 or (3%).  Keep in mind that you can always refinance the house once there is a significant drop in interest rates. There’s a lot of volatility in the mortgage market so interest rates can go up or down in a matter of months.  Don’t be afraid! If you can afford to buy a home now, do it! You’ll reap the benefits in the years to come.