Locking in a mortgage rate could be a smart move right now, but only for some homeowners. Daniel Grill/Getty Images

Mortgage rates have hovered close to 7% this summer, keeping many prospective homebuyers stuck in a holding pattern as they hope for home purchases to become more affordable. If you've been shopping for a home or considering a refinance, these high borrowing costs have likely given you sticker shock compared to rates from just a few years ago.

That said, hope may be on the horizon. The Federal Reserve's first rate cut of the year, which is expected to occur this fall, may provide some downward pressure on mortgage rates. However, concerns about inflation and labor market strength make it challenging to predict when or by how much rates might drop.

This uncertainty

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