Waiting for mortgage rates to drop

While the housing market continues to improve incrementally, it’s generally agreed that things won’t really begin to get moving until mortgage rates drop. Rates have already dropped nearly 1 point since last fall, but there’s still quite a ways to go.

According to a recent survey, 22% of Americans said they could afford to buy a home if interest rates fell below 6%.

In the same survey, 32% said it would be possible if rates fell below 5%.