We have no way of accurately predicting if and when mortgage rates might drop below 6%, but let's assume at some point they do.

When this happens, we do expect more homeowners who are locked into a low mortgage rate to list their home for sale. It's reasonable to expect that supply will increase when mortgage rates fall. 

At the same time, we also expect many more buyers -- enticed by lower rates -- to enter the market, too. Demand will rise when mortgage rates fall. 

So very likely, the net effect of lower rates will be more upward pressure on home prices.

If you're an aspiring homeowner, it's important for you to know that there is a cost of waiting for conditions to be more optimal. Rather than wait, we recommend you engage with the market right now and embrace these 5 mindsets.