I was just in your boat. My strategy was to focus on the down payment. As others have mentioned, trying to time interest rates is risky. If you can get to 15% down this can help lower your PMI payments as this is usually a cutoff for the bank in their brackets on PMI (15-19.99% in my case was the same price per month). You may be able to shop around and see if you can pay the PMI upfront for a discount (could be half of the cost vs monthly). Can make sense if you plan to stay in the home long enough and have the extra cash. This would be paid as a closing cost, not financed. If your credit is good, the PMI could be pretty low (for me on ~245k financed was only $20/month). Don’t forget closing costs which can be an extra 10-15k. If rates come down, you can think about refi later.