Mortgage rates are down and still under 7%. Today’s national average on a 30-year fixed-rate mortgage is 6.84%, 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."

After shooting to a one-year high two weeks ago, 30-year mortgage rates have fallen six of the last eight days and are now down to early-May levels.