09/03/2026
The Truth About Mortgages:
Nearly half of prospective buyers think mortgage rates are higher than they actually are, while 72% say they've delayed their home search waiting for rates to improve, according to a survey by Neighbors Bank, a mortgage lender focused on first-time and underserved buyers. But rates have been relatively steady: The 30-year fixed-rate mortgage averaged 6.66% this week, up just slightly from 6.65% a week earlier, according to Freddie Mac.
Many would-be buyers say they regret ever waiting. Recent surveys also show many buyers are overestimating the credit score and down payment they need to qualify, among other misconceptions. "Before writing off [buying] this year, home buyers should check where rates actually stand and what loan options are on the table, instead of holding out for a number that may be out of step with the market," says Ashley Harris, director of homebuyer education at Neighbors Bank. Borrowers may be able to find down payment assistance programs as well as use discount points to get a lower interest rate to help them move forward.
