Need to Move, Don't want to.

Not sure how to play this.

So I'm married with a child. The child will be starting school in 3-4 years. We're also planning on having another before then, God willing. I love our current house situation, the mortgage is cheap (2.85%) and I like the place. The problem is we can most likely flex 2 kids in the fairly small house, but the school district is very poor. We want our children to have a good education, so moving is important. But it is going to AT LEAST double our mortgage payment, probably 2.5x to get to a house in a good part of town. I also want to maintain saving for retirement, but with a higher mortgage that would also have to cut back a good bit too.

I guess I'm asking, should I risk waiting a couple years to see how interest rates change? Should I pull the trigger on looking when I see interest rate 3.x? Obviously I have a bit of wiggle room, it's just a matter of timing things best I can.

I'm obviously willing to make sacrifices for my children's betterment. For those that have lived in "bad" vs. "good" school zones with kids, have you seen it be dramatically different?

We've also looked into private schools, but they are fairly expensive it seems. It looks pretty unlikely that we would come out ahead financially not moving and paying for private school. Wife isn't interested in home-schooling much.

Thoughts / opinions appreciated!