With home prices remaining high, buyers are not willing or able to take on loans with higher interest rates, as even a percentage or two higher may bring higher monthly payments.

Many buyers believe rates should be much lower, but that’s not truly the norm. In the 1980s, average rates were over 10%, and in the early 2000s, they hovered around 8%.

In short, what today's consumers believe is normal — at under 5.5% — is still very low. The differentiating factor here is that home prices remain very high.

The higher the price of homes, the more difficult it is for even a slight increase in mortgage rates to be considered affordable.

While waiting for mortgage rates to drop before buying might be a wise financial decision, most experts don’t expect them to come down any time soon.