Mortgage Rates Expected to Fall, But Waiting May Mean Missing Out

Mortgage rates are expected to decline later this year, but waiting for lower rates could mean facing more competition from other buyers. Acting now provides the ability to refinance later.

Home prices and mortgage rates are both significantly higher compared to 2019, making affordability a key challenge for many buyers right now.

Home inventory is higher than last year but still relatively low compared to pre-pandemic levels. Some markets are seeing less intense bidding wars.

Builders are responding to higher rates by cutting prices and constructing more smaller, affordable homes. This expands options for entry-level buyers.

Policy changes going into effect this summer could lead to lower real estate commissions for sellers, but higher upfront costs for buyers.