If you’ve been thinking about buying a home but are waiting for mortgage rates to drop back to the historic lows we saw during COVID…it’s time to reset expectations.

According to the National Association of REALTORS�, the median age of first-time homebuyers has risen to an all-time high of 40, the highest since NAR began tracking in 1981. Historically, first-time buyers were between 28 and 33, and they made up about 40% of all home purchases. Today, that share has dropped to just 21%.

So, what’s holding buyers back?

A big factor is the belief that mortgage rates are "too high" right now. But the reality is this: those sub-3% rates were an anomaly, artificially pushed down by emergency government action after the 2008 financial crisis and during COVID. Most experts agree; we’re unlikely to see those rates again anytime soon.

The Mortgage Bankers Association, Fannie Mae, and the National Association of REALTORS� do not expect much difference in current rate to the end of the year and that 2027 will not be much different in the low to mid 6% range.

To put that in perspective, the 54-year average for mortgage rates is 7.70%, according to Freddie Mac. As of June 18, 2026, the rate was 6.47% which means today’s rates are almost 16% below the long-term average.

Meanwhile, home prices continue to rise in most U.S. metro areas, and with inventory still relatively tight, competition remains high.

Waiting could cost more than it saves. Accepting that the current rates may be the "new normal" can allow you to move forward and start building equity in homes that are expected to continue to go up in value.

Re-evaluating your buying timeline now could give you the stability and equity growth that comes with homeownership and get you on the path to long-term financial security faster.

Thinking about buying or just want to understand your options? I can connect you with trusted lenders who can help you assess today’s affordability and find a solution that works for you. For more information, download our Homeownership Today guide.