In the past, a 5.5% mortgage rate was considered a key figure. A survey by John Burns Real Estate Consulting showed that as of September of the previous year, one-fourth of respondents indicated that they would not be willing to accept mortgage rates below this figure.

Recent trends indicate that an increasing number of consumers are optimistic about mortgage rates below 5%. The desire among homebuyers for mortgage rates below 5% suggests that the market may experience a surge in activity when rates drop to this level or below, significantly boosting homebuying power.

Despite bank rates rising in 2022, the continued maintenance of interest rates by the Federal Reserve since May 2023 has had a positive impact on the housing market. The strengthened homebuying power could potentially reinvigorate the market and contribute to economic growth.

For current homebuyers, mortgage rates below 5% are seen as an attractive level. Survey results from John Burns Real Estate Consulting show that a significant proportion of respondents consider mortgage rates below 5% as a "normal" level.

This notion indicates that homebuyers generally find mortgage rates below 5% acceptable and are more willing to consider home purchases at this level or below. It reflects homebuyers' sensitivity to mortgage rates and the key factors they consider when deciding to buy a home.

The current economic environment also has a positive impact on homebuyers' expectations for low rates. Optimism about mortgage rates below 5% not only implies a reduction in homebuying costs but also has the potential to stimulate enthusiasm for homebuying.

In a situation of economic downturn, homebuyers' sensitivity to interest rates increases. Therefore, once rates drop below 5%, homebuying demand may significantly increase.

This trend also reveals homebuyers' persistence for historically low mortgage rates. Survey results show that a considerable proportion of respondents state that mortgage rates above 5.5% would make it challenging for them. This highlights homebuyers' sensitivity to mortgage payments and their expectations for maintaining low rates.