There's some interesting predictions for mortgage rates next month.
https://themortgagereports.com/32667/mortgage-rates-forecast-fha-va-usda-conventional
I'd be tempted to rent while waiting for a dip in rates. Renting would give you a chance to learn the local real estate market better also. What kinda place does $425,000 get ya in Arkansas, anyway? Acreage, view, newer construction, fish camp on site?

@jameslavish

If you work 40 hrs/wk: at 5% inflation and after 5 years, you need a 28% pay raise or to work 44 more hours (*one full extra week* per month+) to make up the difference.

This is inflation