The 2023 spring homebuying season is right around the corner – and higher mortgage rates have some homebuyers feeling “extremely” stressed as many are forced to cut their home price budgets, according to a March 2023 survey by U.S. News.

Between March 23 and 27, U.S. News ran a nationwide survey of 1,197 Americans who are planning to buy a home in 2023 using a mortgage. We asked respondents a series of questions to find out how their homebuying plans are changed by mortgage rates and their impact on housing affordability. Here’s what we found:

  • Two-thirds (66%) of 2023 buyers are waiting for mortgage rates to drop before home shopping. Thirty percent plan to wait until rates drop below 5.5%, and 28% want to see rates below 6% before entering the market. But more than a quarter (26%) are waiting for rates to drop below 5% – something that is not likely to happen during 2023. Perhaps unsurprisingly, 62% of respondents find it challenging to keep up with mortgage rates trends and news.

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https://money.usnews.com/loans/mortgages/articles/2023-homebuyer-survey