How Buyers Are Adjusting to 6% Mortgage Rates

A 6.15% mortgage rate presents affordability challenges, especially for buyers with high-priced homes, raising monthly payments significantly.
Prospective buyers should lock in rates within the 6.0%–6.4% range rather than waiting for unpredictable drops below 6.0%.
Options such as FHA or VA loans, or an Adjustable-Rate Mortgage (ARM), can offer slightly lower initial rates for qualified buyers.
Refinancing activity is likely to remain limited unless rates dip below 5.9%, benefiting only recent buyers with high-rate loans.
Buyers should prioritize finding the right home at an affordable price over timing minor fluctuations in mortgage rates.