The U.S. housing market remains challenging for buyers as mortgage rates move closer to the 7% threshold and affordability remains a significant barrier to homeownership, Fortune reports.
Freddie Mac reported that the average 30-year fixed mortgage rate reached 6.95% for the week ending Sept. 17, up from 6.76% the previous week and 6.26% a year earlier. At the same time, artificial intelligence is emerging as a growing tool for navigating the homebuying and selling process.
A LendingTree survey found that 72% of Americans would use AI for at least one real estate task, while 37% would allow AI to manage a home purchase with minimal human involvement. The most common application was searching for homes within a buyer’s budget, cited by 35% of respondents, followed by estimating a home’s value (28%) and finding down payment assistance programs (24%).
Bank of America research similarly found that among prospective buyers and current homeowners who had used AI, estimating affordability, mortgage payments or closing costs was the most common use, cited by 57%. Gen Z showed particularly strong adoption, with 32% saying they had used AI for homebuying research.
Real estate professionals are also embracing the technology. A National Association of Realtors survey found that 92% of agents are using AI or plan to, with 71% citing time savings as a major benefit and 63% identifying accuracy as a concern.
