What homebuyers shouldn't do before a September rate cut, according to experts

If you're waiting on a rate cut to make mortgage loans more affordable, be sure to avoid these big missteps. Getty Images

As the Federal Reserve prepares for its September meeting, mortgage applications have dropped , recently reaching their lowest point since May, according to the Mortgage Bankers Association. Prospective homebuyers and homeowners who want to refinance their mortgage loans are hoping for rate cuts that could bring relief from today's rates, which average around 6.75% currently.

This wait-and-see approach to the rate climate could backfire, however. Today's climate of economic uncertainty makes rate predictions difficult, and certain missteps during this limbo period can hurt your chances of securing favorable mortgage loan terms later.

Recognizing th