If you're currently holding a mortgage with what feels like a relatively low interest rate by Jamaican standards, you might be wondering if it makes any sense to move. After all, with average mortgage rates often ranging between 7.5% and 12.5%, walking away from a lower rate can seem almost unthinkable. You may find yourself saying:
“Why would I move and give that up?”
That’s a fair question. But let’s dig deeper.
When we focus only on the mortgage rate, we can unintentionally overlook the bigger picture. Because truthfully, most people don’t move solely because of interest rates. They move because life changes — and the home that once suited their needs no longer does.
So let’s reframe the question.
A Better Question: Will This House Still Serve You in 5 Years?
Let’s take a moment to consider your life — not just today, but a few years down the road.
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Are you thinking about starting a family?
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Do you have teens about to head off to university?
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Is your retirement approaching?
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Are you running a business or working from home and in need of more space?
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Or maybe you’re simply dreaming of being closer to the sea, the hills, or your loved ones?
These are the real drivers behind most moves — not interest rates.
If your life is unlikely to change much in the next five to ten years and you love your current home, then staying put may be the perfect choice. But if you see a change coming — even if it's not immediate — then it's worth thinking proactively. Because time has a funny way of moving fast, and the housing market doesn’t stand still while we make up our minds.
The Cost of Waiting to Move
Let’s talk about what happens when you delay moving in hopes of protecting that relatively low mortgage rate.
It’s true that selling a home and taking on a new loan at a higher rate may cost more per month. But what often gets overlooked is the compounding effect of rising home prices over time. Even if property values don’t skyrocket, they tend to rise steadily, especially in desirable parts of Jamaica like St. Mary, Ocho Rios, Kingston, and parts of Montego Bay and the South Coast.
Here’s a realistic example:
Let’s say you're eyeing a future home valued around J$40 million today. If property prices increase conservatively by just 4% per year (a modest estimate in many Jamaican communities), that same house could cost around J$48.7 million in just five years.
That’s J$8.7 million more — just for waiting.
Add to that potential increases in construction materials, labour, and land scarcity, and the cost could climb even higher. So while your current rate may be comfortable now, waiting too long may actually put your next dream home further out of reach.
Rethinking the ‘Low Rate’ Mindset
In the Jamaican mortgage landscape, where double-digit interest rates aren’t uncommon, securing a 7% or 8% rate can feel like hitting the jackpot. Understandably, you don’t want to lose that. But holding onto a rate shouldn't come at the cost of your quality of life or your long-term financial flexibility.
Because here’s the reality: even if you could wait for interest rates to fall, the odds of seeing anything close to the ultra-low 3% rates that some overseas markets experienced during the pandemic is extremely unlikely in the Jamaican context. That era was global, fleeting, and deeply tied to emergency monetary policy during a crisis.
In Jamaica, where mortgage rates are driven by different market forces — including the strength of the Jamaican dollar, inflation expectations, and global economic trends — expecting those rates to drop significantly in the near term may not be realistic. They might shift slightly, but not drastically.
Making the Math Work in Your Favour
Now, let’s do a little comparison to show how things could play out financially.
Imagine you move now and secure a home for J$40 million, with an interest rate of, say, 9%. Your monthly payment will be higher than if you had a 7% rate — absolutely. But compare that to moving in five years when the same home could cost J$48 million at a similar or even higher rate.
That difference of J$8 million is not something easily absorbed, especially when you factor in stamp duty, legal fees, and the cost of moving. You might be saving on your rate now, but paying much more later — and for the same product.
If you're upgrading to a larger home, your monthly costs might go up either way. But if you move sooner and buy at today's prices, you're locking in the lower purchase price — which over the life of the loan, can offer more savings than a lower rate ever could.
That’s the real calculation most people overlook.
You’re Not Just Buying a House — You’re Buying a Life
Let’s take a step back from the spreadsheets and think emotionally for a moment. Because moving isn’t just about numbers — it’s about possibility.
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It’s about living closer to the ocean so your mornings start with a walk on the beach.
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It’s about a bigger kitchen where family Sunday dinners become a weekly tradition again.
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It’s about finally having an office where your business can flourish in peace.
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It’s about the peace of mind that comes from being in a safer neighbourhood or a school zone you trust.
These lifestyle improvements are just as valuable — if not more — than holding on to a slightly lower interest rate.
So, Why Would You Move With a Low Mortgage Rate?
Because your mortgage rate isn’t your whole life. It’s just one part of a much bigger picture.
You would move because:
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Your lifestyle is evolving.
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Your family’s needs are changing.
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You see an opportunity to improve your quality of life.
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You understand that property values are likely to continue rising.
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You’d rather own your dream home at today's price than chase the “perfect” rate that may never return.
In short, you’d move because you’re ready — and because waiting could cost more than you think.
The Bigger Question: When Should You Move?
Timing is everything in real estate.
Yes, you want to be smart. You want to make the best financial move you can. But more importantly, you want to make the move that supports your life — not one that restricts it.
If you’re even remotely thinking about upgrading, downsizing, relocating, or investing in a second property in Jamaica, don’t let fear of losing your rate paralyse you. Start a conversation. Do the math. Explore your options.
You don’t need to move tomorrow. But planning ahead — with facts instead of fear — will give you the confidence to move when the time is right.
Final Thoughts
A “low” mortgage rate feels like an anchor of stability — and in many ways, it is. But when that anchor starts to hold you back from growth, exploration, or joy, it might be time to lift it and set sail toward something better.
If you're wondering whether now is the right time to move — or what your budget could look like in today’s market — it's worth having that conversation sooner rather than later. Knowledge is power, and clarity is peace of mind.
Disclaimer: This article is for informational purposes only and does not constitute financial or real estate advice. Mortgage rates and property prices are subject to change. Please consult with a licensed mortgage advisor or local real estate expert for advice tailored to your individual circumstances.