M
ortgage rates have slipped to a one‑year low, with the average 30‑year fixed loan now at 6.17% (Mortgage News Daily). Yet nearly 75 % of real‑estate agents surveyed by CNBC believe rates will drop further, causing many buyers to hold off on purchases. “When buyers hear predictions of lower rates, they stay on the sidelines instead of buying now,” says Pittsburgh agent Maureen States.
The CNBC Housing Market Survey, conducted Sept. 22‑30, sampled 54 agents nationwide. Most view the market as favoring buyers, but affordability remains the top reason for delays. Agents note that 44 % see local prices falling, while only 20 % report rises. Sellers still price for a seller’s market, and buyers are willing to wait for better rates and prices, says North Carolina agent Katie Kosnar. Many buyers are turning to interest‑rate buydowns or adjustable‑rate mortgages to offset price pressure, and about 40 % are borrowing from family or friends. They also compromise on size, location, or features.
Sales outlook is mixed: most agents expect a slight uptick or flat market next quarter, while 17 % foresee a decline. The impact varies by region—pandemic‑heated markets see sharper drops, whereas more affordable areas gain. Sellers worry about how long it will take to find a buyer and whether they’ve priced too low. About 89 % of agents reported at least one seller lowering the asking price, and nearly a third saw more than half of their sellers cut prices. Roughly 40 % of agents noted a seller delisting in hopes of a better offer later.
Home prices kept rising year‑over‑year through August, but gains are slowing. The Northeast and Midwest still see the strongest increases, while the South and West are weakening. Zillow data shows September inventory higher than a year ago, with new listings down only 2 % month‑to‑month—less than the 9 % average decline seen over the past seven years. Inventory remains tight, especially for affordable homes. “Low inventory and mortgage rates still pose affordability challenges for buyers,” notes Richmond agent Holly David. Sellers locked into a 3 % rate may hesitate to move, even if they need a new home.
