If you've been thinking about buying a home, you've probably noticed that mortgage interest rates have become one of the biggest topics in real estate.

As of late June 2026, the average 30-year fixed mortgage rate is about 6.5%, and rates have remained relatively stable over the past several weeks.

For some buyers, seeing a rate in the 6% range is enough to make them hit the pause button.

But here's something many people don't consider...

What is the average interest rate you're already paying on all of your debt?

Looking at the Bigger Picture

Most people don't carry just one loan. They may have:

• Credit cards
• Car loans
• Student loans
• Personal loans

Each one has its own interest rate. While your mortgage may be around 6.5%, your other debts could be much higher.

For example:

• Credit card: 22%
• Car loan: 8%
• Student loan: 7%
• Mortgage: 6.5%

When you look at all of your debt together, your overall—or "blended"—interest rate may actually be much higher than you realize.

Why This Matters

Many homeowners choose to pay off high-interest debt before buying a home, and in some cases that's the right decision.

But in other situations, purchasing a home can actually improve a family's overall financial picture.

For example, if you're able to pay off higher-interest debt as part of your home purchase or shortly afterward, your combined average interest rate across all of your debt may decrease. You may also replace a rising rent payment with a fixed mortgage payment while building equity instead of paying a landlord.

Every situation is different, which is why it's important to look at the whole financial picture—not just one number.

Homeownership Builds More Than Equity

A mortgage payment isn't just paying interest.

Each payment gradually builds equity in your home. Over time, as you pay down the loan and if your home's value appreciates, you're building wealth in an asset you own.

Rent payments, while necessary, don't provide that same opportunity.

Talk With a Professional Before Deciding to Wait

I've talked to many buyers who assumed they couldn't afford a home because of today's mortgage rates.

After speaking with a trusted lender and reviewing your complete financial picture, you may discover you have more options than they expected.

Buying a home isn't the right choice for everyone, but it's worth having the conversation before deciding to wait.

If you're curious about what homeownership could look like for you—or you'd like to understand how your current debts compare to a potential mortgage—I'd be happy to connect you with a trusted local lender and help you explore your options.

Sometimes, looking at the whole picture tells a very different story than focusing on just one interest rate.