I don't disagree but people talking about current rates as if they're terrible distort reality. It really wasn't that long ago (aughts) that rates in the 5/6% range were viewed as historically good. And I'm old enough to remember when rates in the teens were normal.

Yeah, and for a lot of earners in high tax states, the effective interest rate you pay is essentially almost half off thanks to the mortgage interest tax deduction. If your marginal tax rate across federal / state / local is high (mine's 46%), then you can get back almost half the interest. Which shortens the gap between a 3% vs 6% mortgage, the effective difference being more like 1.5% than 3%.

I got a 3.25% loan post-divorce in a part of the country I hated, and ended up selling and relocating. I do not plan on buying again soon, current prices combined with current interest rates make it unappealing. If home prices come off or stagnate long enough, I will once again consider buying. Right now I can set aside $1000/mo renting, which is enough to pay someone else for the hassle of maintaining a house.

6%?! Damn in France we went from 1% to 4% and it felt like the end of the world, 6% is insane

Key to know for people outside the US (if you don't already know this) is that here you almost always deal in 30 year fixed mortgages.

The buyer will never see their rates go higher than this in the life of the loan, and in reality, if/when rates drop again, they can refinance to a new 30 year fixed at the lower rate.

Never say never. It may be a long while til we see 3%, but 5.5% isn't far off. Some saw about that during the recent dip a few months ago.

There are of course a lot of factors, but I think we'll be back in the high fives at some point in 2025 and settle around 4.5-5 after that. That's if Mr Tariff doesn't spike inflation.