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You can always refinance if rates plummet. But rates and prices have an inverse relationship. Prices fall when rates increase and prices rise when rates fall. So your ideal scenario is to get in with high rates and low prices, then refinance later for a lower rate. Although right now we have the worst of both worlds, high rates and high prices. Prices are starting to stagnate due to rising rates, and may eventually start trickling back down as high rates hold.
Thanks, that's really helpful info. One of my friends told me I was insane for buying a house right now, but my response was that there's never really a 'good time' to buy a house... the best time was always 10 years ago! Trying to time the market whether with houses, stocks, crypto, whatever is rarely a good idea.