Everybody is talking about the rates going down, so I'm sure they will go down.

Look at this blog it will help you to learn more about your situation.
I've got most of my answers there as well.

Good Luck.

The answer to your question is really a value judgement on your part. If you are searching for your dream home... then a 1% interest rate difference might not be that big of deal on a monthly basis, depending on your loan amount.. so you might not want to miss out on that perfect home for a 1% "possible" interest rate difference. If you have been looking and are ready to buy now... hire the best buyers agent out there now to help you and get a screaming deal. None of us have a crystal ball so who knows what is going to happen with the rates. You wouldn't think the economy will be stimulated if the rates keep going up... so just take a deep breath and go for it now if you want to buy. I do consulting and help buyers and sellers find the right agent to help them in any state, so please read my profile and if you would like some help, connect with me and I will be happy to help you with your search.