Posted 2/21/2024, 11:17:29 AM
Mortgage Rates Below 5% Could Spur Housing Market By Making Homes More Affordable for Younger Buyers
- Lower mortgage rates, specifically below 5%, could revive housing market by making homes more affordable
- 22% of prospective buyers said they could afford a home if rates fell below 6%
- 32% said they could afford a home if rates dropped below 5%
- Younger generations are determined to buy homes even with high rates - 47% of Millennials and 37% of Gen Z would still buy if rates topped 8%
- Gen Z and Millennials are most optimistic about affording a home in the next 5 years