Real estate firms, financial institutions, and potential home buyers realize that lower interest rates help homes move faster. If I were in the market for a new or different home, I would be inclined to wait for interest rates to decline somewhat.
Nobody wants to pay more in home mortgage interest than necessary, and that viewpoint also applies to me. My first step in searching for a home to buy would be to locate a good real estate agent. It is important that my agent is familiar with the area where I want to live and the average value of homes in that neighborhood. It is equally as important that I get pre-qualified at a financial institution that I have a good relationship with.
Once these important first steps are in place, I can regularly check the current interest rate at my bank. My realtor will advise me when a property that fits my criteria is available, and I can only hope a reasonable interest rate allows me to go forward with the purchase.
There are several types of mortgages available ranging from 30 years fixed to a lower rate for shorter term loans. When interest rates drop homes sell sooner, so I will be sure to place an offer promptly on a home I would like to own.