CBS News MoneyWatch asked a panel of mortgage professionals whether rates would drop below 6% any time soon. Here is what I said, quoted in Will mortgage rates drop below 6% soon? Experts weigh in (April 21, 2025):

“As a mortgage company owner who’s seen the ups and downs of this industry for over 25 years, I remain cautiously hopeful that we’ll see rates drop below 6% again, maybe even sooner than the headlines suggest. But here’s the truth: It won’t happen overnight, and it certainly won’t be driven by wishful thinking.”

The part that didn’t fit in the quote

Rate forecasting is the most-asked and least-useful question in this business. Nobody knows. Here is what I actually tell clients who are waiting for a number:

1. Waiting has a cost too. While you wait for a rate, the house you wanted goes under contract and prices move.

2. A rate is not permanent. If you buy now and rates fall meaningfully later, refinancing may be an option for qualified borrowers. Buying a home is a long decision; a rate is a shorter one.

3. The lender matters more than the forecast. Pricing on the same borrower, on the same day, can vary a lot from lender to lender. That is what an independent broker with access to many wholesale lenders is for.

4. Get your file clean now. The people who capture a dip are the ones who were already approved when it happened.

Where to start

North Star Mortgage Network, Inc. — serving Florida since 2000
12058 San Jose Blvd, Suite 404, Jacksonville, FL 32223 | 904-880-6741 | www.nsmn.com
Company NMLS #356789 | Nathan Young NMLS #325206
Any rate or payment figure discussed is an estimate based on the information provided. Rates and terms are subject to change. Available for qualified borrowers; program guidelines apply. All loans subject to credit approval. Equal Housing Opportunity.

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