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There’s a reason so many people clamored to buy homes in 2020 and rushed to refinance their mortgages. For much of last year, mortgage rates sat at or near historic lows, with the 30-year mortgage being available at under 3%.

But rates have risen a bit this fall. For much of October, the average rate for a 30-year mortgage hovered around 3.3%.

If you’re looking to buy a home in the near term, you may be wondering if higher rates should prompt you to rethink your plans. But in reality, there are other, more pressing reasons why it pays to wait.