“Do you think we’ll ever see mortgage rates drop back to 2% or 3%?” It’s a question I hear a lot. Right now, mortgage rates are sitting in the 7s, which makes buying a home feel out of reach for many people.

Most experts predict that rates might fall by about half a percent by the end of the year and continue to drop into next year. However, dropping below 3%? That would require a major economic crisis, making it highly unlikely anytime soon.

Be Ready for When Rates Drop

Here’s the reality: As soon as rates begin to fall, the housing market is going to tighten up fast. More buyers will jump in, and competition will be fierce. The best thing you can do is be prepared. If you’re waiting for rates to come down before buying, it’s smart to get pre-qualified now so you’re ready when the time comes.