India, Aug. 30 -- Many homebuyers are waiting for mortgage rates to fall before buying a house. But a new survey shows that many buyers may not even know what mortgage rates are today. A survey by Neighbors Bank, a lender based in Columbia, Missouri, asked 1,000 potential homebuyers about their home-buying plans and mortgage rate expectations.

Only 35% of buyers correctly knew the current range for the average 30-year mortgage rate. About 45% gave a rate that was too high. This suggests that many people waiting for mortgage rates to fall may be looking at an old or outdated rate.

This matters because 72% of the people surveyed said they have put their home searches on hold while waiting for better mortgage rates. Millennials have been w...