Some homebuyers could be experiencing a spell of buyer's remorse, according to a new survey from LendEDU. With mortgage rates at an all-time low, home purchases and refinances soared during the pandemic, with purchases up 22% and refinances up 84% compared to the same period last year. To review these trends, LendEDU surveyed 1,000 homeowners with an outstanding mortgage, and it found that 55% of new homeowners regret taking out a mortgage during the pandemic. 

Of existing homeowners with an outstanding mortgage, 6% have taken out a mortgage during the pandemic, and 72% of new homeowners said they decided to purchase their home because of the low interest rates triggered by the pandemic. Of the 55% expressing remorse, 30% wish they had waited to purchase a home for financial reasons and another 7% of new homeowners said that they are not prepared for homeownership. 

It isn't surprising that the pandemic brought a surge in new homeownership rates. Following the start of the pandemic and the subsequent economic turmoil, mortgage rates hit all-time lows. Simultaneously, the outbreak significantly impacted city centers like Los Angeles and New York City, and offices shut down and businesses adopted work-from-home policies. The combination catalyzed demand for suburban homes in "safer" sprawling markets outside of city centers.