In general, it looks like buying now and refinancing when rates drop later is a reasonable expectation.
If rates do drop in the future, we would expect prices to rise again, possibly at an accelerated pace due to the shortage of housing units in many markets and the backlog of hesitant buyers that will all be jumping back into the market at the same time.
Mortgage Rate Forecasts from leading research firms.
Source: FORTUNE 8-13-2023
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