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  1. Mortgages
  2. Mortgage Rates

2 in 3 Americans Planning to Buy a Home Are Waiting Until Mortgage Rates Drop

By: Leslie Cook
Leslie Cook, expert in Mortgages, housing market, home renovations, consumer credit, and Editor, Real Estate at Money
Leslie Cook
Editor, Real Estate | Joined November 2019
Leslie Cook is Money’s lead mortgage reporter covering trends in the housing market, mortgage rates and real estate. She also writes about home renovation trends and tips.
See full bio
Editor: Julia Glum
Julia Glum, expert in the IRS, taxes, credit scores, saving, colleges, mobile payment apps, and News Editor at Money
Julia Glum
News Editor | Joined February 2018
Julia Glum joined Money in 2018 and specializes in covering financial trends that affect everyday Americans' wallets. She also writes Dollar Scholar, a weekly newsletter that teaches young adults how to navigate the messy world of money.
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Published: Jun 07, 2023 4 min read
For Sale sign with illustrated spiderwebs on top
Rangely García for Money

High mortgage rates are wreaking havoc on a lot of people's homebuying hopes this year.

Nearly two-thirds of Americans planning to buy a home have decided to postpone their search until mortgage rates come down from their current elevated levels, according to the most recent BMO Real Financial Progress Index (a forward-looking indicator of consumer sentiment regarding personal finance).

While potential homebuyers in today’s market are very rate-sensitive regarding a home purchase, they're also considering other factors. The survey shows that 65% of respondents are delaying their homebuying plans because of overall economic uncertainty.

What the data shows