This spring homebuying season could look a lot different compared to last year, experts say.
Richard Drury/Getty Images
Spring, a season that is traditionally one of the better times for homebuying, is right around the corner. Not only do the months of April and May generally offer the most new listings of the year to homebuyers, but the spring weather is also generally better for touring homes and getting the timing right for a summer move. This spring homebuying season could be noticeably different from what it was just a year ago, though.
After all, there have been three Fed rate cuts over the past year. And, while mortgage rates are more dependent on the 10-year Treasury yield, Fed policy decisions impact the market's overall direction, which we've seen happen recently. Case in point? The average 30-year fixed-rate mortgage rate declined from 6.63% in March 2025 to 6.11% as of early February 2026. Inflation rates have also stabilized overall, and today's average home prices nationally are nearly identical to what they were this time last year.
If you're considering buying a home this spring, what can you expect the market to look like now that mortgage rates are lower? We asked real estate and mortgage experts for their take. Here's what you need to know.
Find out how low your mortgage loan rate could be today.
What will the spring homebuying season look like this year with rates lower?
This spring is expected to be a more active homebuying season than in recent years, not just because mortgage rates are lower, experts say, but also because buyers' expectations are changing.
"Many buyers are slowly realizing that rates in the 3s are not coming back and rates below 6% are the new normal," says Jeremy Schachter, branch manager at Fairway Home Mortgage. "Keep in mind, rates are about 1.75% lower than in spring 2025. If a buyer was looking for a $500,000 mortgage a year ago, the payment would be over $300.00 higher than it is today."
Kimberly Schmidt, a real estate agent at Compass Real Estate in San Diego, California, sees the increased activity first-hand in her market.
"The market in San Diego today is looking noticeably more active this year than last, in my opinion. I'm noticing more buyer calls overall, especially from first-time buyers who are ready to take the plunge," Schmidt says.
The increase in activity is partly because there are more homes to choose from. Active listings are up 10% from a year ago, according to Realtor.com.
"I expect inventory to improve this spring," Schmidt says. "As an active agent, I honestly go by how much my phone is ringing, and it's ringing a lot more this spring than it was last year."
Not all of the inventory stems from new listings, though.
"I am seeing many sellers who tried to sell their homes without success in 2025, putting it back this Spring for a second try," Schachter says.
Many homeowners are also finally ready to give up the very low mortgage rates that have kept them from moving, according to Schachter.
"They are realizing that their needs for a new home are more important than the low rate they have," Schachter says.
With more home listings, homebuyers may be wondering if prices will finally drop, or if lower mortgage rates and increased buyer activity will cause prices to tick back up and possibly even lead to bidding wars. Many forecasts expect home prices to rise by about 2% in 2026, but that also depends on the market.
Jamie Slavin, mortgage production manager at Ent Credit Union, monitors these fluctuations weekly and notes that the outlook is currently difficult to gauge because it depends on the specific property.
"Homes in prized school districts, desired neighborhoods, and in really good condition move very quickly and have escalation clauses (bidding wars) in them," Slavin says. "Those without these attributes sit longer."
Compare your mortgage loan options and find the best fit now.
Should you lock in a lower rate now or wait for a better deal?
If you're financially ready and can comfortably afford the monthly payment, buying a home now protects you from the potential for rising prices later.
"That home you looked at for $500,000 in early spring may go to $550,000 later in the year if competition increases," Schachter warns.
By purchasing the house now, you could lock in the current price and still have the option to refinance later if mortgage rates fall significantly.
However, the decision to buy now versus waiting is a highly personal one.
"Not everyone has the same risk tolerance or view of the economy," Slavin says.
If the costs of buying and owning a home would stretch your budget thin, the best move may be to continue saving until market conditions improve or your down payment is large enough to give your budget some breathing room.
The bottom line
If you're looking to buy a home this spring, you may see more listings to choose from, but you should also be prepared for more competition. This is especially true for homes that are move-in ready and in desirable locations. Before you begin looking at houses, though, just make sure you're prepared and get preapproved for a home loan so you can act fast if you find the perfect home. It may also benefit you to ask your lender if you can get a floating rate so you can take advantage of lower rates if they drop while you're finalizing your home purchase.
Edited by Angelica Leicht
