The majority of would-be homebuyers expect mortgage rates to continue their recent decline, and it’s one of the main reasons why they’re waiting to make a purchase, according to the findings of a new CNBC Housing Market Survey.
Rates have been creeping down over the last few months and are hovering around the lowest level in a year, with the average rate on the popular 30-year fixed loan now sitting at 6.17%, according to Mortgage News Daily. But nearly three-quarters of real estate agents surveyed by CNBC said most of their buyers think rates will come down further.
“My biggest challenge is when buyers hear predictions of future rate decreases, which in turn have buyers sit on the sidelines and wait to see how low they will go instead of getting out there and buying now,” said Maureen States, a real estate agent in Pittsburgh.
The CNBC Housing Market Survey is a national inquiry of real estate agents selected randomly across the United States. Responses were collected between Sept. 22 and Sept. 30. This quarter, 54 agents shared what they’re seeing in their market.
Most agents said they consider the current conditions to favor buyers over sellers, but they still listed affordability as the No. 1 reason why buyers are delaying their purchases.
