Yes they will. When? I don't think anyone truly knows. However do you want to wait to find out? Below is an example of what happens to your buying power if interest rates jump just 1%.
Say you are approved for $200,000 and the interest rate is 3.75%. Your approximate monthly mortgage payment would be $926.23 per month Principal and Interest.
If the interest rate jumped to 4.75% your payment would jump to $1042.29 P & I per month or to get the same payment of $926.23 your purchase price would drop to $178,000. That is a $22,000 reduction in your purchasing power.
Don't wait any longer. Buying a home is the best investment you will make. Think of it as a forced savings account that will give you a return when you sell as opposed to renting where…