Buy property now or wait?

[Michael Chau]

Mortgage rates are at an all-time low right now. If I have a stable job, no debt, money saved up, no major expenses... should I buy a house right now to lock in the low mortgage rate? Or should I keep renting and wait for the actual house prices to drop? I am a first-time home buyer and planning to invest in a property: renting out rooms if a SFH or units if I decide to get a multi-family property. I know house prices are bound to drop sooner or later but these interest rates are just so low. Thoughts?