There were many cheers last week when the Federal Reserve announced it would not raise rates this month and may not raise them in December. The stock market went up, and treasury and interest rates came down. Current rates are now in the mid-7's which is quite average historically. Most economists believe that rates will stay above 6% until inflation is steadily at the Federal Reserve's 2% annual target. If the last year has taught us anything, it's that a lot can happen in the world to make "predicting" nearly impossible. If you simply do not qualify or cannot afford to buy a home with current rates, waiting is the option. But if you can, there are many benefits to buying now, with the safeguard of knowing lenders are offering low-cost refinance programs. When rates are cut, buyers will get cut-throat. Everyone waiting in the wings to buy a house will again find themselves with less opportunity to negotiate price, be in multiple offer situations, and have less leverage on inspection issues.