{"id":63042,"date":"2018-06-29T04:45:21","date_gmt":"2018-06-29T11:45:21","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=63042"},"modified":"2020-10-06T17:08:04","modified_gmt":"2020-10-07T00:08:04","slug":"redfin-survey-rising-mortgage-rates","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/redfin-survey-rising-mortgage-rates\/","title":{"rendered":"Redfin Survey: Homebuyers Face Rising Mortgage Rates Head On"},"content":{"rendered":"

As expected<\/span><\/a>, mortgage rates have crept up from below 4 percent in late 2017 to greater than 4.5 percent in June for an average 30-year fixed-rate mortgage. But few homebuyers are halting their searches. <\/span>
\nIn May, Redfin commissioned a survey of more than 4,000 people who had bought or sold a home in the last year, attempted to do so, or planned to do so soon. <\/span>
\nAmong the more than 1,300 respondents who planned to buy a home in the coming year, just 5 percent said they\u2019d call off their search if rates rose above 5 percent. Twenty-four percent of buyers said such an increase would have no impact on their search. These results are consistent with those from similar surveys Redfin commissioned in <\/span>May<\/span><\/a> and <\/span>November of 2017<\/span><\/a>.<\/span>
\n\u201cHomebuyers are well aware that higher mortgage rates means higher monthly payments, but mortgage rates remain very low, historically, and buyers will make compromises,\u201d said Taylor Marr, senior economist at Redfin. \u201cMost of the pressure buyers are feeling is from competition for a very limited number of homes for sale. The fact that such a small share of buyers will scrap their plans to buy a home if rates surpass 5 percent reflects their determination to be a part of the housing market.\u201d<\/span><\/p>\n

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More willing to adjust criteria, slightly less urgency:<\/b>
\nHere\u2019s how buyers said they would react if mortgage rates were to rise above 5 percent:<\/span><\/p>\n