Overview

• Mortgage rates have dropped significantly in the past week, with the 30-year rate down 40 basis points.
• Rates remain relatively high compared to historical averages, making homebuying still challenging.
• Experts say buyers who can afford it may benefit from purchasing now rather than waiting for uncertain future rate drops.
• Refinancing is an option if rates decline substantially in the future after buying.
• The decision depends on individual factors like purchase price, rate flexibility, competition and building home equity.