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Mortgage rates remain near 7%, frustrating some buyers who were expecting lower costs. Experts say waiting for a big drop may not pay off, as the drop is likely to be small.

Shouldn’t mortgage rates be lower now? The Federal Reserve has cut the federal funds rate three times through the end of 2024, raising expectations that the cost of borrowing will also fall.

Instead, 30-year mortgage rates did what no one wanted them to do: They went up. Today, rates still hover near the 7% mark, which is significantly higher than most potential buyers are willing to pay: In fact, nearly a third of non-homeowners (31%) said they would need a mortgage rate of less than 5% to feel comfortable buying a home, according to Bankrate’s Mortgage Rate Survey.

Are you one of those buyers who are in a hopeful waiting pattern, waiting for a more favorable market to roll in? If so, read on to learn when prices might drop, by how much, and what to consider if you’re ready to begin your house-hunting journey.

When will mortgage rates fall? There is no crystal ball that can predict mortgage rates with absolute precision. But according to Jeff Ostrovsky, an author and housing market analyst at Bankrate, things are looking even murkier in today’s world. “There is no clear connection between the Fed’s moves and the direction of mortgage rates,” Ostrovsky says. “So it’s hard for anyone to know how mortgage rates will respond to the Fed’s decisions.”

One thing is clear, though: If you were looking for the record low rates of early 2021, you can stop. Those days aren’t coming back anytime soon. “Interest rates are holding steady, and while many buyers are still hoping for a significant drop, it’s important to get past the idea that we’ll ever see COVID-19-era rates again,” said Danielle Andrews, an agent at Realty ONE Group Next Generation in Tallahassee, Florida.

However, there could still be some relief ahead. Fannie Mae expects 30-year mortgage rates to close at 6.6% this year and end 2026 at 6.5%.

Is it wise to try to time the market?

Even a small rate drop can make a difference in how much house you can afford. So, if you’ve been holding off on buying a home, should you hold on tight and focus on watching the rate move? Not a great idea, says Ostrowski.

“Trying to time mortgage rates is really hard,” he says. “There’s no guarantee that rates will be more affordable in three months or six months.”

It also has to do with what housing stock watchers call the “lock-in effect”: Many current homeowners would like to sell, but are locked into mortgages at rates much lower than what exists today, so they don’t. According to the Mortgage Rate Sentiment Survey, many would need to see a significant — and unlikely — drop to be convinced to sell:

If I’m ready to buy a house now, should I? If you feel ready to buy now, there’s probably not much value in waiting. After all, the longer you wait to buy a place, the longer you’ll wait to start building equity.

“If you’re ready to buy, if you need housing, if you’re financially ready, don’t worry too much about where mortgage rates are now versus where they might be in the future,” Ostrovsky says.

Shree Rahnama, a broker/owner of RE/MAX Executives in Fairfax, Virginia, recommends doing what works for your lifestyle. “There are circumstances in life that require you to move,” she says. “Maybe you have a child, you’re moving, or you want to be in a certain school district. There are just so many circumstances where you can’t wait for interest rates to come down.”

Another potential benefit of being a buyer right now is that because many other buyers are still waiting on the sidelines, you can get ahead of the competition.

“Even though the current market isn’t great in terms of mortgage rates, inventory is loosening up a bit,” Ostrovsky says. “There’s less competition. If you buy now, you’re less likely to encounter bidding wars or multiple offers.”

If I’m not ready yet, how should I prepare?

If the numbers just don’t work out for you now, that’s okay. Instead of stretching yourself too thin, take these steps to put yourself in a good position to buy in the future:

Focus on increasing your credit score: Your credit score is a key piece of information that determines your interest rate. While you wait until you’re ready to own a home, take steps to improve your score. Lenders tend to offer lower rates to borrowers with higher scores, so the higher the better.

Check out down payment assistance programs: A large down payment is often the biggest hurdle for homebuyers. However, you may be eligible for a down payment assistance program in your area. Many of these programs are designed for first-time homebuyers and low- to moderate-income buyers, but there are also some options for existing homeowners. Start your search with your state’s housing authority website.

Research your local market: Take the time to learn about the area or neighborhood you want to buy a home in. How much are homes selling for right now? Can you get a deal on an older property that needs some work? The better you understand the local market, the better off you will be when you are ready to make a move.

Look for savings opportunities: There are easy ways to save money, but a few dollars here and there can feel frustratingly small when you’re trying to come up with a down payment of tens of thousands of dollars. With that in mind, take a look at your biggest expenses. If your lease is up for renewal, could you consider renting for a lower price in a different part of town to create monthly savings? What about your car insurance premium? And consider putting your down payment savings in a high-yield savings account to earn extra interest.

Η κατώτατη γραμμή

While some housing experts believe mortgage rates could drop toward the end of the year, it’s not certain. Whether you’re a first-time homebuyer or a seller looking to move but scared of higher rates, get used to the current range of 6.55% to 7%. “Shop around for the best mortgage you can get and make the deal,” says Ostrovsky. “If mortgage rates really do drop, you can always refinance later.”