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I close on my new construction tomorrow. Home is actively being built. Much lower rate than current without buying points. I suggest working with a credit union; they are often portfolio-based loans that offer negotiation opportunities on the rate.
I would be renting a far inferior home in a far inferior area at the same, if not higher, monthly expenditure as my custom home I am building. Sure, more upfront cost, but it all goes towards holding and building equity on a large asset. Renting goes to someone else's portfolio. There are certainly instances in which renting may prove to be beneficial (like me actively renting a place while we build the home as an example), but assess your situation and execute. No sense in trying to "time" the market. Home values shouldn't significantly depreciate from current, and interest rates will likely hover in this general area for some time.
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