House hunters are gaining leverage in many major U.S. housing markets, particularly in the South. Realtor.com reports that about two-thirds of major metro areas now favor buyers or are trending that way. However, this increased negotiating power is offset by rising mortgage rates, which are approaching three-year highs. Currently, the 30-year mortgage rate stands at 7.4%, significantly impacting affordability for buyers. Eight additional markets, including Atlanta and Denver, are poised to become buyer's markets soon. Despite more buyer advantage, rising rates mean the same budget buys a lower-priced home. Nationally, 17 metro areas are currently buyer's markets up from 13 last year, while seller's markets have decreased. The Midwest remains a strong seller's market, contrasting with the buyer-leaning South. Florida, in particular, shows significant buyer leverage with homes sitting longer and selling below asking price.