D
espite persistently high mortgage rates, a new Realtor.com survey suggests that some younger potential homebuyers are growing impatient with delaying their purchase plans. The survey found that millennial homebuying intent has increased in recent months, indicating a shift in attitudes towards homeownership.

    Millennials are driving the increase in homebuying interest, with 23% of respondents planning to buy a home within the next six months, up from 15% last fall. This is a notable change compared to other generations, where only a small fraction of respondents expressed similar intent.

    However, mortgage rates remain a significant deterrent across all age groups. One-third of survey respondents said they delayed purchasing a home due to high rates, with millennials and Gen Zers being the most affected. In contrast, 41% of baby boomers said interest rates do not impact their buying decisions.

    The lock-in effect, where homeowners are hesitant to sell due to high mortgage rates, is still in place. However, some potential buyers may soon grow tired of waiting for significant rate changes and life factors such as job changes or family milestones could drive them to make a purchase. A clear majority of respondents (63%) said they want mortgage rates to fall below 5% before considering a home purchase.