Waiting for 3% Mortgage Rates to Come Back? Let's Talk About It
Waiting for 3% Mortgage Rates to Come Back? Let's Talk About It
I hear it almost every week. Someone in Morris, Minooka, or Channahon tells me they're ready to buy. They've been watching listings for months. And then they say it: "We're just waiting for rates to get back to 3%."
And I get it. If you watched your friends or family buy in 2020 or 2021 with a crazy low rate, looking at today's numbers feels like a gut punch. Nobody wants to feel like they missed the boat.
So let's look at what actually happened with rates, why I don't build a buying plan around waiting for 3%, and what I do instead with buyers here in Grundy and Will County.
How long did 3% mortgage rates actually last?
Not long. According to Freddie Mac's weekly rate survey, the average 30-year fixed rate sat around or below 3% for roughly a year and a half, from mid-2020 to the end of 2021.
Before that, it had never happened. Since then, it hasn't come back.
That stretch was the exception, not the normal. It came out of a very unusual moment, and a lot of the people who locked in those rates just happened to be buying at the right time.
50 years of mortgage rates in one list
Here's the average 30-year fixed rate every five years. [VERIFY each figure against Freddie Mac annual averages before publishing]
1975: 9.1%
1980: 13.7%
1985: 12.4%
1990: 9.9%
1995: 7.9%
2000: 8.1%
2005: 5.9%
2010: 4.8%
2015: 3.9%
2020: 3.3%
2025: 6.6%
As of 10/12/2026: 7.4%
For most of the last 50 years, rates were higher than they are right now. Ask anyone who bought a house in the early '80s what they'd think of a 7% rate.
Waiting doesn't always mean lower
Here's something most people don't realize. Rates averaged about 6.6% across 2025. This fall they climbed back over 7%, and right now they're sitting around 7.4%.
Nobody can tell you for sure where rates go next. Not me, not your cousin who follows the news, not the guy on TV. They could come down. They could keep going up.
Meanwhile, life doesn't pause. The lease comes up for renewal. The family grows. The house you loved in Shorewood or Coal City sells to someone else.
I'm not saying go buy a house tomorrow. If the numbers don't work for you right now, waiting can be the smart move. I just don't want you waiting on a number that may never come back.
Start with the payment, not the rateThis is the honest part.
When I sit down with my buyers, I don't start with "what's the rate." I start with "what monthly payment feels comfortable for you?"
That one question changes the whole conversation. The rate is only one piece of what you actually pay each month. The price of the home, your down payment, insurance, and property taxes all matter too. And here in Illinois, property taxes can swing your payment more than people expect, even between neighboring towns.
Once we know the payment that fits your life, I connect you with a local lender who can show you what's actually possible for your situation. Real numbers. Not a guess based on a headline.
Sometimes the answer is yes. Sometimes it's "not yet, here's what we'd need." Either way, you leave with a real plan instead of just waiting and wondering.
What this looks like in Morris and the towns around it
The same monthly payment can buy something pretty different depending on where you're shopping.
A few of the places I help buyers every week:
Morris: Downtown on Liberty Street, Gebhard Woods, the I&M Canal Trail, and quick access to I-80.
Channahon and Minooka: Channahon sits right at the I-55 and I-80 interchange, close to Channahon State Park and Heritage Bluffs Golf Course. [Christy: add a detail you love about Minooka]
Shorewood and Plainfield
Coal City, Wilmington, Braidwood, Seneca, Dwight, and Ottawa
If you're not sure which town fits your budget and your commute, that's a great place to start our conversation.
Not ready yet? That's okay
A "not yet" can still be a plan. When the numbers aren't there today, we figure out what would need to change. Maybe it's a little more saved for the down payment. Maybe it's a different price range or a different town. Maybe it's just giving it a few months.
In the meantime, I can set up a custom MLS search so new listings in your price range and your towns land right in your inbox. That way you know what's out there, and when the payment works, you're ready to move.
Common questions about mortgage rates and buying
Will mortgage rates go back to 3%? No one can promise either way. In more than 50 years of Freddie Mac data, rates around 3% only lasted about a year and a half, so I wouldn't build a buying plan around them coming back.
Should I wait for rates to drop before buying a home in Morris, IL? It depends on your monthly payment, not the rate headline. If the payment works for your budget today, waiting may not save you anything. If it doesn't, a "not yet" plan is better than guessing.
Can I refinance later if rates come down? It may be an option if rates drop enough and you qualify. A local lender can walk you through the costs so you can decide if it's worth it.
What areas do you help buyers in? Morris and all of Grundy County, plus Minooka, Channahon, Shorewood, Plainfield, Coal City, Wilmington, Braidwood, Seneca, Dwight, Ottawa, Joliet, New Lenox, and across Grundy, Will, Kendall, and LaSalle Counties.
Let's figure out your number
If you're thinking about buying in Morris, Minooka, Channahon, Shorewood, Plainfield, or anywhere in Grundy and Will County, I'd love to sit down with you. We'll talk through the monthly payment that feels right, I'll connect you with a local lender for real numbers, and I'll set up a custom MLS search so you can see what's coming up in your price range.
Call or text me at 815-693-5757 or send me a message anytime.
– Christy Schmaedeke 🐾
