The smartest thing to do is to wait and save up to make a bigger down payment at a lower price.
Do you see yourself living in a condo for the next 10+ years? Or do you want to eventually move into a house? If the latter is true, maintaining flexibility is probably a good strategy.
What’s the difference between renting and having an interest only mortgage?
Waiting and watching for the next 6 months to year has no real danger, and can only benefit you. Interest rates aren’t going to skyrocket, prices will drop, and you can save the difference in what you’d pay on your mortgage and your rent in a dedicated down payment savings account.
