Redfin

Home prices dropped from May to June in King County, Wash., for the first time since the recession, as competition among buyers weakened and the number of homes for sale surged.

From lowering expectations about their ideal home to moving faster to close a deal, here's a look at five ways house hunters say they would react to average mortgage rates reaching 5%.

The high number of home sales both above and below the list price in May, combined with rising mortgage rates and prices, was a sign buyers are near affordability limits, Redfin said.

Though the number of homebuyers requesting house tours grew, those actually making an offer fell considerably, according to Redfin.

Only a small percentage of borrowers are deterred by the higher rates seen this year, even with the additional cost making it tough for first-time buyers to find affordable properties.

As housing demand continues outpacing supply, tight inventory is plaguing potential buyers and putting upward pressure on home prices. Here's a look at the housing markets where supply is shrinking the most.

Despite growth in both mortgage rates and home prices, housing demand kicked off 2018 with its strongest January on record, according to Redfin.

Tony Hicks moved to San Jose in 1981, but he's had enough.

The 2018 spring home buying season could be even more competitive than last year's, marked by fewer listings, quicker sales, and a higher percentage of homes selling above the asking price in January.

Homebuyers are most likely to slow their purchases or stay on course if mortgage rates rise above a certain benchmark, but some could act more quickly or drop out.