Many are paying interest rates well below today’s.

It all depends on what happens with home prices.

But they come with some caveats.

Both supply and demand for housing are increasing. The trajectory of home prices will depend on whether supply or demand grows faster.

The federal funds rate, set by the Federal Reserve, is just the first layer that goes into determining mortgage rates.

Rates hovered around 7% for a good part of this year.

This week, Wayfair reported a $42 million loss and its CEO compared the drop in demand to the one seen in the last financial crisis.

High interest rates often make home equity loans or cash-out refinance options unappealing.

With prices and mortgage rates high, people are “buying at the edge of what they can qualify for,” a real estate economist says.

Some sellers who have delayed putting their homes on the market are now doing so, but inventory is still lower than normal.