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Jessica Lautz, deputy chief economist and vice president of research at the National Association of Realtors®, believes mortgage rates will stay in the current range of mid-6% to 7% for the first half of 2024. "There's no sizable change expected until the later part of 2024," says Lautz. Indeed, mortgage rates are a full percentage point lower than the most recent peak in October 2023. "If potential home sellers have been in their home, wanting to make a move but waiting for rates to ease, this could be enough of a drop for them to make their move now," says Lautz. The most important consideration to make is whether a mortgage fits into your budget. "Don't stretch yourself to afford a mortgage. If you need to wait for rates to come down, realize that prices could go up in the interim, making affordability worse. Remember, too, that mortgage rates can vary a lot depending on the lender and the borrower, so make sure to shop around for the best rate," says Lautz.