According to a recent survey conducted by REALTOR.com, mortgage rates have dropped to 6.2% for a 30-year fixed mortgage, the lowest level in over a year, with the potential to decrease further if the Federal Reserve cuts rates at its upcoming meeting. However, despite these rate drops, only 6% of Americans surveyed indicated they would consider purchasing a home in the next six months if rates decrease by between 0.25 and 0.75 percentage points.

• Survey of 2,201 individuals reveals that 38% of Americans have delayed buying a home due to high mortgage rates
• Only 6% would consider buying a home in the next six months with a modest decrease in rates
• Mortgage experts predict that sales may increase significantly if rates continue to drop and stabilize around 5% to 6% for a prolonged period, particularly benefiting millennial buyers and Gen Z.

You can read this full article at: https://papersourceonline.com/new-survey-shows-how-low-mortgage-rates-must-go-before-homebuyers-start-shopping/(subscription required)

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