A number of buyers are pausing their home search, hoping mortgage rates will return to the historic 3% range seen in 2020–2021. But the truth is, those rates were an exception—not the new normal. They were the result of emergency economic conditions during a global crisis, not sustainable policy.
Today’s market is different. Mortgage rates have shifted to reflect a more stabilized, post-pandemic economy. We’re now seeing rates in the 6% to low-7% range, and while experts predict modest declines later this year, a return to 3% isn’t expected.
According to Zillow’s Senior Economist Kara Ng:
“While Zillow expects mortgage rates to end the year near mid-6%, barring any unforeseen shocks, that path might be bumpy.”
What Buyers Need to Know Now
Waiting for 3% rates could mean waiting too long—and missing valuable opportunities. Home prices continue to rise, inventory is growing, and competition is relatively moderate... for now.
Here's why acting sooner matters:
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Rates may ease slightly, but won’t fall drastically
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If rates drop, competition will surge
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Buying now means more options and less pressure
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You can always refinance later if rates dip again
What you can do instead:
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Understand your budget and financing options
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Get expert guidance from a local real estate agent and trusted lender
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Explore alternative mortgage products and programs tailored to your situation
Why It Matters in Today’s Market
Whether you’re buying a Main Line estate, a Philadelphia condo, or a Jersey Shore retreat, the key is understanding what you can control: your strategy, your timing, and the team you choose to guide you.
Delaying may cost more than you think—especially if home values and rent prices continue to rise.
As Realtor.com notes:
“Staying out of the market in hopes of a rate drop that never comes can lead to missed opportunities . . . Rising home prices, rent increases, and inflation might outpace any future savings on interest.”
Bottom Line
The market is shifting—and it’s time to shift your expectations with it.
Those ultra-low mortgage rates were temporary. Now, with rates settling in a new normal, working with the right experts is more important than ever. A smart, informed strategy today could position you ahead of tomorrow’s buyers.
📞 Ready to Move Strategically?
Contact Sean Elstone today to create a tailored homebuying or selling plan. Whether you're eyeing the Main Line, Philadelphia, or the Jersey Shore, Sean offers expert insight, powerful negotiation, and white-glove service that meets you at the luxury level.
