Fine, if you wanna wait, wait. But are you good where you are?
If you don't need it now, then hold. 
If you do really want to move, consider this:
If you hesitate and rates go higher, you get less house for the money.
If you take action and rates go lower, refi. 
NO assurances either way. Don't you love real estate?

It's gambling. Like life.

The more they rise, the less affordable a home gets.  If the rates continue to rise, you might not be able to afford as much of a house.

Rates will continue to increase, going higher and higher. 

Buy now, before they go up.   When the rates drop again, you can refinance.

I explain the cycles. I may also share that when my husband and I purchased our first home our interest rate was 20%, which I now believe was the highest rate ever.  When we divorced and I purchased my home the rate was 12.5%. 

It is all about perspective.  If we compare it to what was, we may feel we lost out. 

The bigger focus here is ... can you afford the payment? 

Do you want to "lose out" on what could have been as rates continue to increase? 

Rates will come down. We don't know when. But when they do, you can refinance. 

Let's figure out what we need to do to get you into a home that meets your budget. It's not all about rates.

The demand for Real Estate is not going away YOU ARE! You can always refi down the line. Waiting in a market where inventory is low or scarce won't change just because you sit it out. As a long-term purchase, cannot go wrong

Rates for fixed are going up and the Fed plans to raise the rates 2 more times this year.  Have you explored adjustable-rate mortgages yet?

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Rates are still below the historical averages and they may even go higher.  Buyers haven't had this kind of supply to choose from in a long time and that may go away in the spring.

I would also admit that I am not convicted on any of the predictions and I would advise caution.  The Fed has told us that they do want the employment numbers and housing prices to fall.  I told my last buyer that a couple of months ago.  This was the last house she planned to buy and it was perfect for her so I told her it probably didn't matter.  She is probably down 7%, though in just a few months.  I am thankful that I warned her where the market was probably going.

I'm going to ask more questions - are they renting?  What's their rent?  It depends on their circumstances and financial picture.  Some folks may be better off waiting, others would benefit from buying.  Some major metro markets are in fact losing value right now with inventory spiking - buying today at higher rates in a depreciating market VS a comfortable rent-free situation may not be a good move - for many others, buying is smarter.  Would need to know more, I always avoid blanket advice.

When I purchased my first home the interest rates were double digit. It remained there for years and when it finially dropped to 6% I totally thought I was in heaven. Are you prepared to wait years or even decades for them to come back down as I did in the 70's and 80's?

With, "Okay, up to you when you buy"

How long do you plan to live in the house?

When rates go down, do you think sellers are going to raise their prices or lower them?

Do you think rates are more likely to go up or down?

You can't win by try to convince them to see it your way.  Ask them questions and let them convince themselves.

I customize charts like the one below for clients.  Note the 2 highlighted areas on the right side of the chart.  Despite all of the recent trends, we still have an inventory shortage, which is forecasted to drive home values higher. This particular chart displays San Diego (where I'm based), but this software can customize the numbers for any county in the USA. Suffice to say, it is a useful visual tool to help our clients understand the bigger picture as opposed to the 30 second soundbites they hear on the news.

Wait, you can get a adjustable rate.  You can buy points.

Buyers need to know exactly what they can purchase with the current rates, that is the first thing to determine and encourage a call to their lender. I would tell them that interest rates may continue to climb but they are able to re-fi later on when rates come down again.

                   Great Question 👍

             They Have Recovery Bias

They see the market in a 1 year tunnel       

             ...instead of a 30 year view.

I literally chuckle out loud and share my stories of buying my homes at 12.9%, 9% and 7% and I was grateful. I was happy!

I share that 8% is the 30 year average. "Is your rate lower?"
It's still historically low. Celebrate!

I politely let them feel silly for suggesting that our still historically low rates are wonderful and they allow you to buy what they do today.

Human nature always wants more.

No one wants to climb  the ladder, they want the express elevator to the penthouse. I show them how beautiful the journey is because of what it makes of you along the way!

If you've been in this business or the market for  less than 10 years, you're in a new experience - but not those of us with more than 10 years, we're Crash Veterans. We know that this market is normal one...finally!

You can always refi a high interest rate loan.  You can't renegotiate a good price or favorable buying conditions.  prices tend to fluctuate upwards, not always, but most of the time.  Plus, owning is usually better than renting over time.

There are loan programs available that can reduce the impact of the current rates.

Don't wait for prices to rise which is what is likely to happen if rates go down.

I don't try to talk people into buying homes.  If/when they're ready, I am there to assist.  But it's not my job to convince them that they need to buy now.

If they need to upsize, or downsize, one can always refinance if/when rates come back down. 

A lot of my buyers are all cash, so not as much of a factor. For those financing, a lot qualify for the CRA loans that apply to many of the buildings in my area, which are at discounted rates to the market. 

Did the motivation to buy change, do you no longer need a home, or would you like to change they price of homes you are looking for?

I would never push a buyer into buying ... however I would ask if I could share some thoughts of different strategies and see if I could generate a new found interest?  It's not just about the rates!  You have to start with your WHY?

My response: "That makes sense.  I'll continue to send you listings that match your needs.  If you find something worth seeing we can take a look at it"

I am answering with this " what are you going to do in the meantime" --- and the conversation now continues with options and choices. In other words, no answer until I learn more about what is "too high" and "waiting to buy"  

Sounds like the need or motivation to buy is not high. You can't convince someone like that, but may continue to show them what's available in their desired area and price range. 

It really depends on who is saying it. You cannot reason with some people. You can discuss:

- their motivation

- the fact rates could and probably will go higher

- they can refinance if/when rates go down

"I understand. What do your Mom and Dad think about that?"
Reality is they did not buy when rates were at historic lows. Now they compare today's rates to rates to what will never be seen again.
Never seen again suggests a long, long, long wait.

How long can you really afford to wait? 

Now is the time to buy. If rates subside in the future, which I doubt, you can refinance. If you wait, it could be too late!

I would need more information about the person's motivation and situation to intelligently respond. It's not a discussion to be done without considering all the factors. 

One thing I can tell them is that there is a local lender who will refi for you at no charge if rates drop within two years after you close.

Historically the rates are still low and a the best time to buy is Now, If you wait too long you can bet the rates will eventually climb.
Stop paying everyone else’s mortgage.

The longer you wait, the higher they go. What if rates are 8% and you wait for years to see them drop to 3% and they don't? House prices, inflation keeps right on going higher as the years fly by. Get the best rate you can at the time, refinance when you can, make at least one extra payment a year. Negotiate the best house price and STOP RENTING, START OWNING! Or keep helping your landlord put his kids through college with higher rent than house payments would be. The first question is "can you buy a house period and are you pre approved and for how much?" If rates continue to rise, your buying power is dwindling and you will have to settle for less house because you are "going to wait to buy".