The findings: Sixty percent of current and prospective homeowners are unsure whether it’s a good time to buy a home—the highest level of uncertainty in three years, per Bank of America’s latest report.

And 75% of prospective homebuyers in the study are waiting until  mortgage rates fall. That’s down from 62% in 2023.

What this means for banks: While most Gen Xers and baby boomers own their homes, with ownership rates up slightly since 2023, younger consumers are falling further behind. Most Gen Z and millennial prospective buyers view owning their first home as a key life achievement. But they’re delaying this achievement, uncertain when better conditions will occur.