Mortgage rates continue to be one of the biggest factors shaping the housing market in 2025. After a weaker-than-expected jobs report in early August, the bond market reacted quickly, and mortgage rates dipped to their lowest point of the year at 6.55%.

At first glance, that may not seem like a dramatic shift. But for buyers waiting on the sidelines, even small drops spark new hope that rates are finally heading lower. The real question is, should you wait for rates to fall further—or take advantage of today’s opportunities in the real estate market?

What Experts Expect for Mortgage Rates

Industry forecasts show rates aren’t likely to fall sharply anytime soon. Most experts predict mortgage rates will hover in the mid-to-low 6% range through 2026. Small shifts will happen, but we’re not looking at a sudden drop to the 5% range.

The rate everyone’s watching is 6%. According to the National Association of Realtors (NAR), if rates reach that number:

5.5 million more households could afford the median-priced home

Roughly 550,000 people would buy a home within 12 to 18 months

That’s a flood of pent-up demand waiting to re-enter the market. And while Fannie Mae projects we may see 6% next year, buyers who wait could face heavier competition, fewer homes for sale, and higher prices once demand kicks back in.

Why Buying Now Might Be Smarter

Here’s the tradeoff:

More inventory today. Homebuyers in Wake Forest, Raleigh, and across the Triangle have more options now than they might a year from now.

Slower price growth. Home prices aren’t climbing as quickly, creating more realistic opportunities for buyers.

Negotiating power. With less competition at current rates, buyers may have room to negotiate on price or seller concessions.

NAR sums it up best: “Buyers who are holding out for lower mortgage rates may be missing a key opening in the market.”

Bottom Line

Mortgage rates aren’t expected to hit 6% this year. When they do, competition will rise fast. If you’d like to buy a home in Wake Forest or explore houses for sale in Raleigh, Durham, or Chapel Hill, today’s market may give you more leverage than waiting.

Let’s talk about your goals and whether it makes sense to move now before the window shifts.