Lower Mortgage Rates Drive Homebuyer Demand, Especially Among Millennials
- A majority (72%) of survey respondents would buy a home in the next 12 months if mortgage rates fell below 5%
- 18% of respondents said they would buy a home if rates fell below 7%
- Each 0.5% drop in mortgage rates saves buyers $120 per month/$43,000 over a 30-year mortgage
- 47% of Millennials and 37% of Gen Z would still buy a home even if rates rose above 8%
- Millennials are the most optimistic generation about being able to afford a home soon
