But mortgage rates are expected to finish the year at 6.4%, economists forecast. And most are not able to confidently predict when they will go below 6%. It has been nearly three years since the 30-year rate was below 6%. During the height of the pandemic, the average 30-year rate dropped to 2.67%. That was in late 2020.

Mortgage rates have dropped, but it's likely not tied to today’s Fed news. Here’s why waiting for a Fed rate cut could be a poor strategy for homebuyers.