𝗪𝗶𝘁𝗵 𝗺𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗿𝗮𝘁𝗲𝘀 𝗺𝗼𝘃𝗶𝗻𝗴 𝘂𝗽 𝘁𝗵𝗶𝘀 𝘆𝗲𝗮𝗿, 𝗶𝘁 𝗵𝗮𝘀 𝗺𝗮𝗻𝘆 𝗵𝗼𝘂𝘀𝗲 𝗵𝘂𝗻𝘁𝗲𝗿𝘀 𝗮𝘀𝗸𝗶𝗻𝗴, "𝗦𝗵𝗼𝘂𝗹𝗱 𝗜 𝗯𝘂𝘆 𝗮 𝗵𝗼𝗺𝗲 𝗻𝗼𝘄, 𝗼𝗿 𝘀𝗵𝗼𝘂𝗹𝗱 𝗜 𝘄𝗮𝗶𝘁 𝗳𝗼𝗿 𝗿𝗮𝘁𝗲𝘀 𝘁𝗼 𝗱𝗿𝗼𝗽?" 
That's a great question, and 𝗵𝗲𝗿𝗲'𝘀 𝘁𝗵𝗲 𝗮𝗻𝘀𝘄𝗲𝗿.
𝗔𝘀 𝗮 𝗴𝗲𝗻𝗲𝗿𝗮𝗹 𝗿𝘂𝗹𝗲, 𝗻𝗼𝘄 𝗶𝘀 𝗮 𝗴𝗿𝗲𝗮𝘁 𝘁𝗶𝗺𝗲 𝘁𝗼 𝗯𝘂𝘆 𝗮 𝗵𝗼𝗺𝗲, 𝗮𝗻𝗱 𝘆𝗼𝘂 𝘀𝗵𝗼𝘂𝗹𝗱𝗻'𝘁 𝘄𝗮𝗶𝘁 𝗳𝗼𝗿 𝗿𝗮𝘁𝗲𝘀 𝘁𝗼 𝗱𝗿𝗼𝗽.
Why?
𝗛𝗲𝗿𝗲 𝗮𝗿𝗲 𝗮 𝗳𝗲𝘄 𝗿𝗲𝗮𝘀𝗼𝗻𝘀...
Rates are not likely to drop significantly anytime soon. Although we see rates move up and down week-to-week, rates are not likely to drop and stay lower until the economy sees a significant slowdown. Home prices still aren't really falling, even as rates have moved higher. There is just too much demand and not enough inventory for home prices to drop significantly. However, we have seen the market soften a little bit and shift away from constant bidding wars and huge sales prices over asking price. You may be able to refinance later when rates drop.
𝗧𝗵𝗼𝘀𝗲 𝗮𝗿𝗲 𝘁𝗵𝗲 𝗴𝗲𝗻𝗲𝗿𝗮𝗹 𝗿𝗲𝗮𝘀𝗼𝗻𝘀, 𝗯𝘂𝘁 𝗶𝗳 𝘆𝗼𝘂 𝘄𝗮𝗻𝘁 𝘁𝗼 𝗱𝗶𝘀𝗰𝘂𝘀𝘀 𝘄𝗵𝗮𝘁 𝘆𝗼𝘂 𝗰𝗮𝗻 𝗾𝘂𝗮𝗹𝗶𝗳𝘆 𝗳𝗼𝗿 𝗮𝗻𝗱 𝗰𝗼𝗺𝗳𝗼𝗿𝘁𝗮𝗯𝗹𝘆 𝗮𝗳𝗳𝗼𝗿𝗱, 𝗮𝘀 𝘄𝗲𝗹𝗹 𝗮𝘀 𝗱𝗶𝗳𝗳𝗲𝗿𝗲𝗻𝘁 𝗹𝗼𝗮𝗻 𝗼𝗽𝘁𝗶𝗼𝗻𝘀 𝘁𝗵𝗮𝘁 𝗮𝗿𝗲 𝗻𝗼𝘄 𝗮𝘃𝗮𝗶𝗹𝗮𝗯𝗹𝗲 𝘁𝗼 𝘆𝗼𝘂, 𝗿𝗲𝗮𝗰𝗵 𝗼𝘂𝘁 𝗮𝗻𝘆𝘁𝗶𝗺𝗲.
