If you've been waiting for rates to drop to refinance a 8% mortgage, your time has come. Rates are now at their lowest since 2022. The 30-year fixed-rate averaged 5.98% during the week ending Feb. 26, according to Freddie Mac's Primary Mortgage Market Survey.

America's housing market could be seeing "the gradual erosion of the lock-in effect," according to experts reacting to new home sales and mortgage application data.