Many Americans still optimistic about homebuying despite tough economic backdrop: TD Bank

Many Americans have shrugged off rising costs and interest rates and said that 2023 is the year to buy a home, according to a recent TD Bank survey.

Among respondents looking to purchase a home for the first time in 2023, 39% said now is a good time to buy and 48% have already begun saving for their down payment. 

However, the optimism comes mixed with some reservations, with 69% of respondents concerned over where the economy is headed and 64% worried about how rising mortgage rates may impact affordability, the survey said. 

"Even as rates have risen in comparison to the historically low-interest rate environment many experienced in the past two years, buyers see the importance of building equity in a home purchase," TD Bank Head of U.S. Residential Lending Steve Kaminski said in a statement. "Homeownership has and continues to be a sustainable way to build intergenerational wealth, while providing the added benefit of shoring up a buyers' financial position over the long-term." 

If you are looking to take advantage of lower mortgage rates by refinancing your mortgage loan, or are ready to shop for the best rate on a loan, consider visiting an online marketplace like Credible to compare rates, choose your loan term and get preapproved with multiple lenders at once.