Jessica Lautz, NAR's deputy chief economist, said in a recent statement that homebuyers should stop focusing so much on mortgage rates: "Regardless the reason, homebuyers waiting on the sidelines for rates to drop will likely be waiting a long time."

Mortgage rates fell for the first time in five weeks, offering home buyers a modicum of relief from stubbornly high borrowing costs.

Rates for 30-year refinance mortgages fell a bold 8 basis points Wednesday, pushing the average down to 7.09%—a strong improvement vs. the 7.32% May peak that was a 10-month high.