Yahoo Finance
If you're waiting for mortgage rates to fall before buying a house, there's a decent chance the number you're watching is out of date, and you're not alone in this.
Apollcommissioned by Neighbors Bank — a Columbia, Mo., lender specializing in loans for first-time buyers and others the mortgage market tends to pass — surveyed 1,000 potential buyers.
Most buyers couldn't say where rates stood while they waited.
Only35% could place the average 30-year rate in the right range, and 45% overshot.
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And it's a number Fannie Mae, the Mortgage Bankers Association (MBA) and other forecasters don't expect to see again foryears yet.
In the meantime,72% of the buyers surveyed have put their searches on hold, and millennials have logged the longest waits at 14 months.
Freddie Mac'sweekly surveyhad the 30-year fixed at2.65% in January 2021, and by October 2023 it hit 7.79%.
It initiallyslid to 5.98%towards late February of this year, then turned around to 6.49% as of July 9, and6.66% as of Aug.
Fannie Mae'sJune housing forecasthas the 30-year fixed averaging 6.4% through the rest of 2026, easing to 6.3% over 2027.
The MBA'sJune Mortgage Finance Forecast, for its part, has it at 6.5% in the third and fourth quarters — and still at 6.5% through 2027.
News they see ratesholding between6% and 6.5%for the next three years, and the outlet reported that Fed officials' ownJune projectionsmade a 2026 rate hike look likelier than a cut.
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