Deciding whether to wait to buy depends on personal circumstances rather than trying to predict the market. House prices and interest rates can move in either direction, and timing the market perfectly is difficult.
The key questions are whether the purchase is affordable, whether your income is stable and whether you plan to stay in the property long enough to absorb short-term market fluctuations. Mortgage rates may rise or fall, but delaying a purchase could also mean paying rent for longer.
A long-term view often provides more stability than attempting to anticipate short-term changes.
Your home may be repossessed if you do not keep up repayments on your mortgage.