Should you wait for a better deal on a home or jump in now? Here's what housing market economists say.

• Falling mortgage rates can lead to a surge in homebuyer demand, which pushes prices up.
• But an uptick in housing inventory could blunt the impact of a demand spike, economists said.
• In addition, mortgage rates have limited downside this time around.

The housing market is beginning to ease up, with mortgage rates slipping and prices softening. That's good news for homebuyers who had been waiting on the sidelines.

But they may be tempted to see how much further conditions improve as mortgage rates are already falling at the fastest pace since the 2008 crash.