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Waiting for interest rates to come down before buying a house may backfire, as it could lead to paying more than the asking price later. To get lower interest rates, one can either pay for them or have the sellers pay for them, as there are opportunities to negotiate closing costs in the current market. Waiting for interest rates to drop below 5% may not be worth it, as it could result in paying over the asking price and getting into competitive bidding situations. Instead, taking advantage of available options to get lower interest rates now may be a better strategy.
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