72% of Homebuyers Paused Search for Lower Mortgage Rates

A poll by Neighbors Bank found that 72% of 1,000 surveyed homebuyers have paused their house search waiting for lower mortgage rates. As of August 27, the average 30-year fixed mortgage rate was 6.66%, a significant increase from 2.65% in January 2021. Fannie Mae forecasts this rate to average 6.4% through 2026, while the Mortgage Bankers Association anticipates a steady rate of 6.5% through 2027. This information is crucial for potential homebuyers as it highlights the current challenges in the housing market and the impact of mortgage rates on purchasing decisions.