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Mortgage rates have slipped to about 6.17%, and nearly three-quarters of agents in CNBC’s Housing Market Survey say buyers expect further declines—keeping many on the sidelines. Affordability remains the top hurdle, with rates the leading worry, despite 44% of agents reporting falling prices and just 20% seeing increases. Agents describe a standoff as buyers wait and sellers cut or pull listings; 89% saw at least one price reduction. Buyers are turning to buydowns, adjustable-rate loans, family help, and compromises, while sales are expected to hold steady or edge up next quarter.

Prepared by Christopher Adams and reviewed by editorial team.