More millennials are choosing to buy their own homes rather than pay increasingly high rents. Buyers in their 20s and 30s made up 32% of all buyers in 2014, a four percentage point increase from 2013, according to National Association of Realtors’ data.
While many cities have tight inventories, the still-low interest rates are creating a tipping point for younger buyers with the choice of buying now while rates are lower or face the prospect of even higher rents when interest rates increase. Experts are predicting that the spring buying season will see an uptick in younger buyers.
Mortgage rates down this week says Zillow
The latest weekly mortgage rate report from Zillow shows rates are down to an average of 3.56%, that’s nine percentage points lower than a week ago, based on a 30-year fixed mortgage.
Erin Lantz, the firm’s president of mortgages commented: “We expect mixed domestic data to drive some small market movements this week, but mortgage rates should remain unchanged.”
Are you ready to turn your rent into a mortgage? Call Coulter Properties to help you find the perfect home.