4 places to put your money if you're not ready to buy a home

Mortgage rates have settled at over 6%, and it doesn't look like that will change anytime soon. These high rates leave many hesitant or unwilling to buy a home right now. It doesn't help that the inventory of homes for sale is super limited, either.

If you've decided to wait on purchasing a home but want to put your money to work in the meantime, you have options.

Here are 4 places you can put your money to maximize your return if you think mortgage rates are too high:

1. High-Yield Savings Accounts

Higher rates mean your most liquid savings — those that might be set aside for an emergency fund or short-term goals like a vacation fund or even a down payment — can earn some money for you. The interest rates on savings accounts are at record highs.

Just make sure to choose an account that is FDIC insured, so you can rest easy knowing your deposits up to $250,000 will be protected should the bank run into trouble.

2. Certificates of Deposit

As of publish time, CD rates are as high as 6.50%, offering a great opportunity to earn extra money if you don't need your funds in the immediate future.

There are plenty of certificate of deposit options to match a variety of savings goals and timelines. Whether it's saving for just a few months to boost an emergency savings fund or collecting extra cash for a down payment, there's likely a CD to fit your needs. You can choose a CD that matures anywhere from three or six months to five years.

3. Debt Repayment

Being that consumers have more than $1 trillion dollars in credit card debt, you might be in a position to focus on canceling out your own debt.

Paying off debt is always a good thing, and can even put you in a position to get a lower mortgage interest rate down the road. Getting rid of debt also frees up money to grow your savings and take care of other expenses.

If you have a large amount of debt, look into debt consolidation options, whether that is a credit card balance transfer or a personal loan. If you don't transfer to a zero-rate balance card, another option might be to get a relatively low fixed-rate personal loan.

The best personal loan rate you can get will depend on your income, credit score, and debt-to-income ratio. To get the best deal, ask a few lenders for quotes before filling out a loan application.

4. Boost Your Retirement Savings Investments

There is no predicting how long interest rates will remain high. If you have a long-term investment plan in place, stick with it. If you don't have one, now is a good time to set one up. That includes saving regularly in your 401(k) and investing in a diversified portfolio.