How much are borrowers willing to gamble to buy a home? And how comfortable are they with “conditionally affordable” payments?

Many recent homebuyers are betting on the prospect of future interest rate cuts to achieve the American dream of homeownership, according to Truework, a platform that verifies income and employment.

In its recent homebuyer report, Truework says that of the 1,000 people it surveyed who have purchased a home within the past 24 months, 88% worry that one common financial setback could jeopardize their ability to make their monthly payment.

The report says that many of the recent homebuyers purchased at rates between 6% to 7%, never expecting that payment to be permanent. Nearly three-quarters of mortgage holders said they planned to refinance as soon as rates gave them breathing room.

Truework called this trend “conditional affordability,” which it describes as “a payment that works today, but only through continued financial sacrifice, and long-term finances that depend, at least in part, on a future rate drop.”

Among other findings from the report, 85% of respondents said refinancing within the next three years is important to their financial health, up from 56% in a similar 2025 survey. Job loss or a reduction in income would put mortgage payments at serious risk for 67%, and half said their mortgage would become unsustainable without a lower rate.

If rates do not come down enough during that period to make refinancing viable — and Truework pointed out that most analysts don’t expect a major rate cut anytime soon — “the gap between buyers’ expectations and market reality could cause ripple effects across the broader economy,” the company said.

In the meantime, buyers are “making financial concessions and reshaping everyday budgeting decisions to maintain their monthly mortgage payments” by reducing things like travel and dining out. Around one-third are even “dialing back basic living expenses like food, clothing, health and hygiene.”