Although mortgage rates recently hit a three-year high, they’ve eased slightly recently. For newlyweds, the question is whether now is the right time for spending on a home.
The Knot’s 2026 Real Weddings Study, which surveyed 10,474 U.S. couples married in 2025, found that weddings cost an average of $34,200 nationally. With wedding expenses potentially reducing their savings, couples may face another major financial commitment before rebuilding their reserves.
Jeremy Olsher, principal at Mizner Residential Group at Compass, in Boca Raton, Florida, explains why even a slight mortgage-rate decline deserves a closer look.
“A two-week low can make buyers feel like their budget has improved, even when the monthly savings are small,” he says. “Newlyweds should calculate that difference before increasing their price range. Higher property taxes, insurance and maintenance can quickly outweigh those savings.”
Here are five first-time buyer budget traps newlyweds should avoid.
- Mistaking a lower rate for a bigger budget. A small rate drop may save less than expected. Before increasing their price range, couples should compare actual monthly payments and avoid taking on thousands more in debt for minimal savings.
- Letting the wedding eat into their home savings. Wedding expenses can leave couples with less cash than planned. A smaller down payment may increase borrowing costs, while spending everything upfront leaves little room for unexpected expenses.
- Buying a house based on two full-time salaries. A mortgage that requires both incomes to remain unchanged can become difficult during parental leave, job transitions or career breaks. Couples should calculate what they could afford if one income temporarily falls.
- Falling for a house that’s affordable only on paper. A manageable mortgage payment can hide expensive property taxes, rising insurance premiums or HOA fees. Couples should calculate the total cost of ownership before deciding a home fits their budget.
- Paying today for the family they haven’t started yet. Buying extra bedrooms for future children may sound practical, but those rooms come with mortgage interest, taxes and upkeep long before they’re needed. Couples should consider how soon they’ll actually use the space.
“Newlyweds should build their homebuying budget around what they can afford after the wedding, including the savings they need to rebuild,” concludes Olsher. “A mortgage that takes up most of their available income can turn an unexpected expense into a financial setback.”
