Many homebuyers in Thousand Oaks, Westlake Village, and Agoura Hills are waiting for mortgage rates to drop before making a move. But will rates actually come down enough to make a difference? According to the latest forecasts, experts predict a decline—but not as much as many buyers are hoping for.

What’s the Latest Mortgage Rate Forecast?

A few months ago, industry experts suggested mortgage rates might dip below 6% by the end of the year. However, recent projections from Fannie Mae, the Mortgage Bankers Association (MBA), and Wells Fargo indicate rates are more likely to stabilize closer to 6.5%.

If you're delaying your home purchase in hopes of much lower rates, you may be waiting longer than expected. And if your move is tied to a new job, growing family, or life change, waiting may not be the best strategy.

Three Creative Ways to Make Homebuying More Affordable

With mortgage rates staying higher than expected, buyers in Oak Park, Calabasas, and Newbury Park are exploring financing strategies that make homeownership more attainable. Here are three options to discuss with your lender:

1. Mortgage Rate Buydowns

A mortgage buydown allows buyers to pay upfront to lower their mortgage rate for a set period. This strategy can help reduce monthly payments, making it easier to afford a home in areas like Westlake Village or Agoura Hills. In fact, 27% of real estate agents report that first-time buyers are increasingly negotiating seller-paid buydowns to make purchases more feasible.

2. Adjustable-Rate Mortgages (ARMs)

Adjustable-rate mortgages typically start with a lower interest rate than a 30-year fixed loan, making them an appealing option—especially for buyers who plan to refinance when rates drop. Unlike the risky ARMs from the 2000s, today's loans are much more regulated, with lenders verifying income, assets, and employment.

3. Assumable Mortgages

An assumable mortgage lets buyers take over the seller’s existing loan and interest rate, which can be significantly lower than current market rates. According to U.S. News, over 11 million homes qualify for assumable mortgages—making this a powerful tool for affordability, particularly in competitive markets like Moorpark and Simi Valley.

Bottom Line

If you're waiting for a major mortgage rate drop before buying a home in Conejo Valley, Calabasas, or the San Fernando Valley, you may want to reconsider. Buydowns, ARMs, and assumable mortgages are helping local buyers purchase homes now—without waiting for rates to change.

Thinking about buying this year? Let’s chat about your options and find the best strategy for your situation.