Source: Fortune
Summary
Mortgage rates rose to 6.95% for the week ending Sept. 17, according to Freddie Mac, up from 6.76% the prior week and 6.26% a year ago. High borrowing costs and a housing shortage are making it harder for Americans to buy homes. Meanwhile, AI is increasingly being used in real estate, with 72% of Americans open to using it for home-related tasks. LendingTree survey data shows AI is most commonly used for budgeting, estimating home values, and finding down payment assistance. Real estate agents are also adopting AI, with 92% using it or planning to, though concerns about accuracy and compliance remain.
Our Reading
The numbers tell one story.
Mortgage rates inch closer to 7%.
Homebuyers feel squeezed.
AI is moving into budgeting and research.
Real estate agents are adopting it, but with caution.
The future of the industry is being reshaped by tools that promise efficiency but raise questions.
Author: Evan Null
Budgeting is the most commonly cited AI use
With borrowing costs high, Americans are especially drawn to using AI for budgeting. Some 28% of LendingTree respondents said they’d use it to estimate a home’s value. Roughly a quarter (24%) would turn to AI to find down payment assistance programs, and the same share would use it to gauge how much they can afford.
Explaining mortgage options (18%) and comparing mortgage offers (16%) also ranked high—well above non-budgeting tasks such as scheduling showings (8%), organizing listing photos (8%), and helping negotiate offers (7%).
Other research points the same way. Among AI-using prospective buyers in Bank of America’s 2026 Homebuyer Insights Report, estimating affordability, mortgage payments, or closing costs was the most common use, cited by 57%. The report also found that Gen Z is leading the charge, with 32% saying they’ve used AI in the process.
AI is reshaping the realtor’s role, too
Buyers and sellers aren’t the only ones leaning on the technology. A National Association of Realtors survey found that 92% of agents are using AI or plan to, with 71% citing the time it saves.
The enthusiasm comes with reservations. More than three-fifths of agents (63%) named accuracy as a concern, ahead of compliance or legal issues (49%) and the misreading of market data (47%).
There’s also the existential worry. Fortune previously reported on Robert Levine, who used ChatGPT to sell his Florida home for $100,000 more than agents estimated it was worth. The chatbot suggested property upgrades and handled logistics such as scheduling viewings; Levine said the home sold for one of the highest per-square-foot prices in his market.
Real estate platforms roll out AI assistants
As buyers look to AI to navigate a punishing market, more specialized tools are arriving. Real estate platforms Zillow and Homes.com both rolled out AI assistants earlier this year that can walk users through everything from financing to details on schools and neighborhoods—part of a wider industry push in which Zillow says AI is reinventing every step of the homebuying process.
For now, as AI tools proliferate and the housing market stays tight, the bigger question is what it all means for the industry’s future.
