65% of Homebuyers Don’t Know Current Mortgage Rates

Sixty-five percent of surveyed homebuyers didn’t know the current mortgage rate, with 45% believing rates were higher than they actually were, according to a recent survey from Neighbors Bank. 

At the time of the survey (July 2026), the average 30-year mortgage rate was 6.49%. Only 35% of homebuyers correctly guessed within this range (6.00% to 6.49%). The rest said: 

• Below 5% (2%) 
• 5.00% to 5.99% (10%) 
• 6.50% to 6.99% (27%) 
• 7.00% to 7.49% (10%) 
• 7.50% or above (8%) 
• Not sure (7%) 

Notably, 45% of respondents said they believed mortgage rates were higher.  

Of these would-be homebuyers, 54% said they’ve delayed their search, and 18% have paused their search entirely, waiting for rates to improve. 

What rate would push them to buy? On average, they said 5% is the rate that would make them feel comfortable purchasing a home, and 34% said they would buy immediately if rates dropped to their target.