Interest rates will have to drop to 5% or lower before most homebuyers will start to feel ready to buy a house, according to a new survey by the construction company Century Communities.

The homebuilder surveyed 3,255 prospective U.S. homebuyers, including first-time homebuyers, current homeowners who are eyeing the market and previous owners who are interested in purchasing again. The survey results showed that nearly two-thirds of respondents said they needed an interest rate below 5% to purchase a home.

However, a large bloc of respondents -17.1% – said they would begin to consider buying a home if interest rates fell to between 5.4% and 5%. Only about 9% would be interested in buying a home at the current rates of 6% or higher.

There was a clear generational divide on the issue of low interest rates, with baby boomers needing rates to fall to between 3.5% and 3.9% before they would consider purchasing. Gen Xers said they would be confident in purchasing if rates were between 4% and 4.4%, while Millennials and Gen Zers were ok with the 5.0% to 5.4% range.

Not surprisingly, 80% of people surveyed said that lower interest rates would be the biggest factor as to whether they bought a home. That was followed by a reduction in home prices (68%), an increase in income (61%). However, 55% of respondents said the most influential factor in homebuying was if there were more homes available at their price point.

The respondents were split on the issue of locking in a purchase at a higher rate now and refinancing later, with 55% of homebuyers unwilling to take the risk that rates will drop, while 45% said they were open to that strategy.

From a geographic standpoint, buyers in 14 states, including Colorado, Florida, Georgia, Illinois Pennsylvania and New York were willing to commit to interest rates between 5% and 5.4%. States where buyers were waiting for rates to drop below 3% included Alabama, Idaho, Iowa, Mississippi, Nebraska, Texas and West Virginia.