72% of homebuyers have paused their search waiting for lower mortgage rates — and 41% already regret it

A recent poll by Neighbors Bank has revealed that two-thirds of potential homebuyers have halted their search for a house until mortgage rates decrease. Shockingly, 41% of these individuals already regret their decision to wait. The survey, conducted among 1,000 prospective buyers, found that many are unaware of the current mortgage rate, with only 35% correctly identifying the average 30-year rate.

A significant 45% had overestimated the rate. Experts predict that rates will remain high, between 6% and 6.5%, for the next few years. While some buyers plan to pull the trigger once rates reach their desired level, 41% already feel they've made a mistake in waiting. Rising rents and the perception that home prices have increased are contributing to the anxiety, causing many to question whether they should have entered the market sooner.