The average rate on a 30-year mortgage has hit 8%, the first time it has been this high since 2000 and another roadblock for homebuyers, CNBC reports.

That rate is more than double the average 3.72% for a 30-year mortgage in January 2020.

Median home prices have risen 26% since 2020.

Mortgages could climb even higher in 2023. However, homebuyers could refinance if rates decline, says Tracy Kasper, president of the National Association of Realtors.

“Interest rates are high, but we also anticipate that they will go down,” Kasper says. “There will be opportunities to refinance later.”

Buyers shouldn’t try to time the real estate market, she adds.

“Buyers should realize that they can effectively renegotiate their mortgage rate if rates fall simply by refinancing,” concurs Robert Johnson, chairman and CEO of Economic Index Associates, which produces investable indexes. “However, one cannot renegotiate the price one pays for their home.”

The National Association of Realtors anticipates that 30-year mortgages will fall to 6% by the end of 2024. The National Association of Home Builders, Mortgage Bankers Association and Wells Fargo are predicting that 30-year fixed mortgages will fall to the 6%-7% range by the end of next year.

Home prices are expected to keep rising in 2024, just not at the double-digit rate between 2020 and 2022. The National Association of Realtors forecasts that home prices will rise 2.6% in 2024. Zillow is projecting increases of 4.9%.