Purchasing a home is a major financial decision that isn’t made on a whim. If you’re a first-time home buyer, you’ve likely saved up for years for a down payment. If you’re a current homeowner, you have to weigh your home’s purchase value against the current market to determine if selling would be a net positive for you.

Those in market for a home are facing a lending environment wherein the average 30-year fixed mortgage rate is 3.54 percent, according to Freddie Mac. A 3 percent rate hasn’t always been the norm, however. Numerous economic factors, like Federal Reserve...