Current Buyer Activity

Homebuyers are out looking, but they're holding off on buying. So what's going on? Mortgage rates dropped to 6.67% from a 6.73% average for 30-year fixed loans, the lowest since mid-December. This dip sparked a 7% week-over-week rise in purchase loan applications, up 4% from last year. Google searches for “homes for sale” climbed 10% year-over-year, hitting their highest since July. Redfin Company's Homebuyer Demand Index, tracking tours and buyer services, also reached its peak for 2025, showing people are seriously shopping.

Still, sales aren’t happening. Pending home sales fell 6.1% year-over-year in early March, keeping pace with recent declines, per Redfin. Buyers are borrowing big—average loan sizes hit a record $460,800—but they’re not sealing the deal. Why the hesitation? Economic jitters. Mortgage rates are down because of uncertainty, like a shaky job market and tariff worries. Lower payments are tempting, but many fear job losses or a recession. They’re weighing if now’s the right time, stuck between cheaper loans and big “what ifs.” It’s a standoff—buyers are active but cautious, and we’ll have to wait to see if they jump in.