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  1. Housing
  2. Home Buying

Here’s the ‘Magic' Mortgage Rate That’ll Nudge Many People Into Buying Homes

By: Brenden Rearick
Brenden Rearick
Reporter | Joined March 2023
Brenden Rearick is a news reporter for Money who covers mortgages, real estate and lots of other personal finance topics. He has been a news reporter for Money since March of 2023.
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Editor: Brad Tuttle
Brad Tuttle, expert in Personal finance, shopping, consumer trends, and Senior Editor at Money
Brad Tuttle
Senior Editor | Joined January 2014
Brad Tuttle is a senior editor at Money with over 10 years’ experience covering a vast number of personal finance topics, including careers, cars, travel, budgeting, investing, insurance, credit cards, consumer psychology, real estate, banking, and shopping and deals.
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Published: Feb 21, 2024 3 min read
Hand of business man moving chess to Building and house models in chess game
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This year began with a higher level of optimism toward the housing market, and there are indicators the end of an especially tough time for buyers is near. But it's still too early to call it a buyer's market.

Many homebuyers are still waiting for mortgage rates to come down to levels they find tolerable before making a move. What will it take to get them off the fence? According to a new survey of potential homebuyers, 5% is the "magic mortgage rate" that will spur them to purchase.

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