Should I wait for mortgage rates to drop?

The details: what the forecasts actually say

Waiting for rates to fall is the question I hear most, and the honest answer is that nobody can time the market reliably. In a 2026 homebuyer survey, about 62% of buyers said they were waiting for rates to fall. But forecasters, including Fannie Mae and the Mortgage Bankers Association, project 30-year rates staying mostly in the 6% to 6.5% range for the year, with dips possible. Rates were around 7.3% in late October 2026.

The other side of the coin is the market itself. Many markets currently have more sellers than buyers, which some are calling the strongest buyer's market in years. That gives buyers leverage on price and on terms: seller-paid concessions, closing cost credits, and room to negotiate. When you have that kind of leverage, waiting can cost more than the rate difference you are hoping for.