The mortgage interest rates of 2020 and 2021 may never reappear but, if they do, it will be a gradual process to get them back there (minus a catastrophic economic downturn). Homebuyers and homeowners looking to refinance, then, shouldn't wait for a perfect circumstance that's unlikely to materialize.

Freddie Mac reports the 30-year fixed mortgage rate averaged 6.79% for the week ending Nov. 7 — up from 6.72% last week.

On Nov. 7, the Federal Reserve implemented a 0.25% reduction to the federal funds rate, its second cut in over four years. Prospective homebuyers are eager for a silver lining in the housing market. But experts don't anticipate dramatically lower rates before the end of the year.

The current median interest rate is 6.99% for a 30-year fixed-rate mortgage and 6.13% for a 15-year fixed-rate mortgage

Jason Furman, former chairman of the Council of Economic Advisers, says he expects the Federal Reserve to cut rates again in December, but after that, the pace of cutting will slow down. He's on "." (