Despite pressure from the White House to lower rates, the Fed is still looking at economic signals, especially inflation and unemployment.

Mortgage rates are down and still under 7%. Today’s national average on a 30-year fixed-rate mortgage is 6.87%, according to Bankrate. If you choose a 15-year fixed-rate mortgage, the average rate is 6.

Jessica Lautz, NAR's deputy chief economist, said in a recent statement that homebuyers should stop focusing so much on mortgage rates: "Regardless the reason, homebuyers waiting on the sidelines for rates to drop will likely be waiting a long time."