Short answer: Should you wait for mortgage rates to drop? If you can afford the payment at today’s rate with room to spare, probably not, because buyers have more room to negotiate now and the buyers who are waiting come back at once when rates fall.
Rates are up and prices on Staten Island are too. Here is what the numbers say, so you can decide for yourself.
Where rates are
Mortgage rates averaged 7.33% in October 2026, up from 6.86% in September, according to Zillow. Zillow expects only a small easing: about 7.1% by the end of this year and about 6.5% by the end of 2027 (Zillow forecast). Nobody knows for sure, and forecasts change.
Why buyers have room to negotiate right now
Nationally, newly pending sales fell 16.8% from a year earlier in October, the slowest October since 2018. Fewer buyers are out, so the ones who are have more say.
On Staten Island, 299 homes sold in October, down from 335 a year earlier. The median home sold at 98.3% of its asking price after 35 days on the market, and 1,140 homes were for sale on November 2. That is time to look, compare and ask for things like a closing credit.
What happens when rates fall
In Zillow’s 2026 Consumer Housing Trends Report, 41% of renters said they would be very or extremely likely to buy if rates fell. When rates drop, those buyers come back at once, and so do bidding wars. Waiting for a lower rate can mean paying a higher price with less room to negotiate.
A simple way to decide
- Can you afford the monthly payment at today’s rate, with room to spare? If yes, today’s leverage is worth a lot.
- If rates fall later, refinancing may lower your payment, but it costs money and is never guaranteed. Do not buy on the promise of one.
- If the payment only works at a lower rate, keep saving and get pre-approved so you can move the day it changes.
A lender can run your numbers at today’s rate and at a lower one. We can show you what homes in your range are selling for right now, ZIP by ZIP, on our Staten Island housing market page.
Quick answers
What were mortgage rates in October 2026?
They averaged 7.33%, up from 6.86% in September, according to Zillow.
Will mortgage rates go down?
Zillow expects only a small easing: about 7.1% by the end of 2026 and about 6.5% by the end of 2027. Forecasts change.
Can I refinance if rates fall later?
It may lower your payment, but refinancing costs money and is never guaranteed. Do not buy on the promise of one.
Keep reading
- How much down payment do you need for a Staten Island home?
- When should you lower the price of your home?
- The Pinnacle buying guide
- Staten Island housing market, ZIP by ZIP
Questions about your own move? Call or text the office at 718-490-0393, or send us a note.
Sources: Staten Island figures: Staten Island MLS closed sales, October 1 to 31, 2026, as recorded by November 2. Houses, multi-family, condos and co-ops. Medians, not averages. Rates, pending sales and forecasts: Zillow, read November 8, 2026. General information, not financial advice.
RE/MAX Edge · 651 Willowbrook Rd, Staten Island, NY 10314 · 718-612-3088. Each office independently owned and operated. Equal Housing Opportunity.
