A recent Bankrate survey shows that the idea of a “perfect” mortgage rate depends on your age group. From Baby Boomers to Gen Z, opinions vary widely—and that’s affecting today’s housing market.
Gen X and Boomers: Comfortable Where They Are
Many Gen X and Baby Boomer homeowners locked in low mortgage rates years ago. According to the survey:
51% of Baby Boomers and 44% of Gen X say they wouldn’t buy a home this year, even if rates dropped. 40% of Boomers say they would only consider buying if rates dropped to 6% or lower. This group has experienced much higher rates in the past, so they’re content to stay where they are unless the market shifts significantly.
Millennials and Gen Z: Ready to Buy at Lower Rates
Younger generations are more open to buying if rates become more favorable:
- 48% of Millennials and 44% of Gen Z say 6% is an acceptable mortgage rate.
- However, 42% of Millennials would prefer rates under 5% before moving forward.
This shows a willingness to buy soon, especially if rates drop even slightly.
Gen X: A Quiet Group with High Hopes
Interestingly, many Gen X respondents are hoping for even lower rates:
- 22% said they’re looking for rates below 3%.
- 33% said they’d consider buying at rates under 4%.
While they may not be as vocal, they’re clearly watching the market and waiting for a favorable moment.
What This Means for Today’s Market
This generational split helps explain why some homes are sitting on the market while others move quickly. Older homeowners are holding on to low-rate mortgages, while younger buyers are hoping for rates to fall before making a move.
But mortgage rates are always changing. Waiting for the “perfect” number could mean missing out on homes that meet your needs now. While it’s smart to consider interest rates, your long-term financial goals and current opportunities matter just as much.
Why Now Could Still Be the Right Time to Buy
Rates may not return to historic lows anytime soon. But if you're financially ready, today's mortgage tools and loan options can still help you buy a home with terms that work for you.
Let’s Talk About Your Next Step
Wondering if now is the right time to buy? Let’s review your goals, your budget, and today’s available options. You may be closer to homeownership than you think.
Don’t wait for the “perfect” rate—let’s find a loan that fits your needs today. Contact me to get started.