Let’s talk about something on almost every buyer’s mind right now: mortgage rates—specifically, that golden 3% number from a few years ago. If you’ve been waiting for those rates to magically reappear, it might be time for a reality check (and a new game plan).

Here’s the deal: those ultra-low rates weren’t normal—they were emergency measures in response to a once-in-a-century pandemic. In 2020 and 2021, mortgage rates dropped to historic lows to help keep the economy moving. And yes, they made homeownership a lot more affordable. But those days are behind us.

Now? Mortgage rates are hanging out in the high 6% to low 7% range—and while they might dip a bit later this year, most experts agree: we’re not going back to 3%.

What the Experts Are Saying

Kara Ng, Senior Economist at Zillow, puts it clearly:

“While Zillow expects mortgage rates to end the year near mid-6%, barring any unforeseen shocks, that path might be bumpy.”

Translation: small improvements ahead are possible, but dramatic drops? Not likely.

So What Should Buyers Do?

Here’s the thing—waiting for perfect conditions could mean missing out altogether. Rather than sitting on the sidelines, now’s the time to focus on what you can control:

• Your budget
• Your credit
• Partnering with the right pros

A great real estate agent and a trusted lender can help you navigate today’s market, uncover financing options you may not have considered, and even find programs to stretch your buying power further.

And don’t forget this: if rates do drop even slightly, you won’t be the only one jumping back into the market. That means more competition, more bidding wars, and potentially higher prices.

Realtor.com nailed it when they said:

“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.”

The Bottom Line

The 3% mortgage rate was a moment in history—not the new normal. Instead of waiting for a rewind, focus on moving forward with the right guidance.

A local agent and lender can help you make smart moves in today’s market—so when your perfect home pops up, you’re ready. And if rates drop later? You can always refinance.

Let’s make a plan that works now, not just for “someday.”