A survey by Neighbors Bank, a lender based in Columbia, Missouri, asked 1,000 potential homebuyers about their home-buying plans and mortgage rate expectations. Many homebuyers are waiting for mortgage rates to fall before buying a house. But a new survey shows that many buyers may not even know what mortgage rates are today.
What can buyers do in a 6.7% mortgage market?
By October 2023, the average 30-year fixed mortgage rate had reached 7.79%, according to Freddie Mac. Rates later came down, reaching 5.98% in late February 2026. Among people who delayed their home purchases, 41% said they already regret waiting, according to the Neighbors Bank survey. At the same time, 67% of respondents said the homes they are looking at cost more now than when they first started searching. With major forecasts pointing to mortgage rates staying around 6% to 6.5% for years, waiting specifically for 5% could leave some buyers on the sidelines for a long time — while rent, home prices and competition continue to rise.
Because mortgage rates are higher than they want, harris said buyers should not automatically reject buying this year.
These buyers said they worry they should have purchased before mortgage rates or home prices increased further. Ashley Harris, Neighbors Bank’s director of homebuyer education, said buyers should check current rates and available loan options before deciding to sit out the market. Rates then climbed sharply as the US economy dealt with high inflation and the Federal Reserve raised interest rates. But the decline did not continue. For some buyers, the long wait is starting to look like a mistake. This creates a difficult situation for buyers. A lower mortgage rate in the future may not necessarily mean a cheaper home. If home prices continue to rise while buyers wait, some of the savings from a lower mortgage rate could be wiped out by the higher price of the house. One option is to buy down the mortgage rate by paying discount points when closing on the loan. Discount points are upfront fees paid to the lender in exchange for a lower mortgage interest rate. A lower rate can then mean a smaller monthly mortgage payment over the life of the loan. Another option is down payment assistance. Some assistance programs can be forgiven, while others allow buyers to delay repayment.
The first step may be to look at the actual mortgage rate today instead of waiting for a rate that may not return soon. Instead, buyers may need to ask whether they can afford a home at today’s rate, what loan options are available, and whether waiting could mean paying a higher price later.
