When mortgage rates dipped below 6% for the first time in over three years last week, analysts speculated it may lead to a surge in buyers. But what do Americans actually think? HomeServe, a leading residential infrastructure repair solutions company, surveyed 1,003 U.S. adults in the days following the rate drop, and the results tell a more complicated — and more compelling — story than the headlines suggest.

The Awareness is There but Wallets Aren’t Ready.

Nearly two-thirds of Americans (62%) were aware that mortgage rates fell below 6%, and the news is generating optimism — nearly 6 in 10 (59%) say it makes them feel more positive about the housing market. But optimism and action are two very different things.

Key Data Points

• Awareness is high: 62% of Americans know rates have fallen below 6% — a sign that this news moment has cut through.
• Sentiment is turning: 59% feel more optimistic about the housing market as a result — including 25% who say they're much more optimistic.
• Intent is moving: Nearly half of Americans (48%) say falling below 6% makes them more likely to consider buying a home in the next 12 months — with 23% saying significantly more likely.
• But the market isn't unlocked yet: More than 1 in 4 Americans (26%) say no mortgage rate would motivate them to buy right now.
• Home prices are the real wall: A striking 61% of respondents cite home prices being too high as their biggest barrier to buying — dwarfing every other obstacle, including down payment savings (37%), job/income concerns (34%), and inventory challenges (33%).
• The “Magic Number” gap: Even among those who would buy at the right rate, the appetite for sub-6% alone is limited. The largest share of motivated buyers say they'd need rates to fall below 5% to seriously consider purchasing — suggesting the market may need further movement to truly open the floodgates.
• The Golden Handcuff effect persists: Nearly half of current homeowners (47%) say they're staying put because they already locked in a very low mortgage rate.

“Our research shows the math on buying a home simply doesn’t work for many Americans yet, and it’s a reminder that the purchase price is just the beginning,” said Myles Meehan, HomeServe’s SVP of Public Relations. “The ongoing costs of maintenance and unexpected repairs are a major part of the homeownership equation. For buyers stretching their budgets in this market, having a way to manage the financial uncertainty of a sudden repair is a crucial piece of the puzzle for achieving true peace of mind as a homeowner.”

The Bottom Line: The story here isn't that rates fell. It's that rates falling may not be enough.

The rate drop below 6% has captured attention and lifted spirits, but it has not yet moved the needle where it counts most. For millions of Americans, the math still may not work, not because of what they'd pay each month on a mortgage, but because of what they'd pay on the front end for a home.

SURVEY METHODOLOGY: HomeServe commissioned an online survey of 1,003 U.S. adults conducted on March 2, 2026, following the mortgage rate drop below 6% on February 26th. The survey sample is balanced by gender, age, region, and household income.

To learn more about HomeServe, a leading residential infrastructure home repair solutions company serving more than 4.6 million customers across North America, visit www.HomeServe.com or visit us on social media via Facebook, X, Instagram and LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260304470866/en/

Nearly half of Americans say rates falling below 6% makes them more likely to consider buying a home in the next 12 months with 23% saying significantly more likely. But more than 1 in 4 Americans say no mortgage rate would motivate them to buy right now.