Rates are expected to remain steady. Real-estate experts say high mortgage rates are probably here to stay for some time, as the Federal Reserve is committed to holding rates "higher-for-longer" in what it views as a sustained fight against inflation. A return to the days of 3% rates are unlikely.

A buyer's market. With overall homebuying demand much lower in this higher-rate environment, buyers are less likely to have to waive contingencies or make other concessions compared to recent years.

When rates drop, prices and buying competition will likely pick up. The mantra is buy now, refinance later. Now may be an ideal time to buy, because higher rates typically mean that there is less purchase competition. So if you purchase a home now, you have the option to refinance when rates fall.

Turn to the experts at National Iron Bank to get pre-qualified and shop with confidence.

Excerpt from Business Insider