Mortgage rates are sinking, but don't try to time the housing market by waiting for them to fall further, BofA exec says

• Borrowing costs have tumbled, but prospective homebuyers shouldn't see how low they will go.
• "Timing the market is never good," Bank of America's Matt Vernon told Business Insider.
• Homebuyers should enter the market when they're ready, he said.

Mortgage rates have tumbled at the fastest pace since the 2008 housing crash, but prospective homebuyers shouldn't wait to see how low they will go, a Bank of America executive said. 

Instead, if you're ready to buy now, you should do it.