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Mortgage Rates Hover as Millennials Move to Homeownership

“While we expect the weakness in housing activity to extend the next few months as the market absorbs the recent uptick in mortgage rates, the combination of strong economic growth and millennials.

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mortgage rates near the 5 percent mark shopping around for the best mortgage will become even more important as rates tick up, which they did last week, once again climbing to a seven-year high. The latest numbers from Freddie Mac put 30-year, fixed-rate mortgages at 4.90 percent for the week ended oct. 11, the highest since April 2011.

The national rental vacancy rate edged lower, to 6.8 percent from 7 percent in Q1 and 7.3 percent a year ago. The homeowner vacancy rate was unchanged at 1.5 percent. Over the past two years, millennials have been on a home shopping spree, driving a bump in the overall homeownership rate in Q2.

Millennials are reaching peak homebuyer age, adding to the crop of would-be buyers this spring. Many current homeowners who locked in historically low rates in recent years may be reluctant to sell if.

"Then, people would just take on more mortgage debt to buy. Now, consumers are more likely to wait until they have the money to sustain homeownership." Rising demand among millennials. interest.

Despite housing affordability concerns across the country, homeownership rates in Canada remain among some of the highest in the world. As of 2016 (the most recent data available), Canada boasts an overall homeownership rate of 67.8%, down slightly from a peak of 69% in 2011, according to research from RBC Economic Research.

Borrower of the Future Word on the Street-The Millennial Mindset Millennial Homeownership Headwinds Worrisome for Future. The UI team* finds that the 37 percent rate of homeownership within the generation in 2015 was lower than both of the preceding generations, (Gen X and Baby boomers) at the same age, 45.4 and 45.0 percent respectively.

The Volunteer State’s fifth-largest city saw a slight uptick in its under-35 homeownership rate since 2005. Of the roughly 50,000 millennials who live in Clarksville, 34% own the home they live in. That makes Clarksville the only major tennessee city with a millennial homeownership rate greater than 30%.

Abstract. This study shows that the homeownership rate for millennials was 37 percent in 2015, or about eight percentage points lower than that of the two previous generations (Gen X and Baby boomers) at the same age (25 – 34). We quantify for the first time some of the many factors which impact the lower homeownership rate.

With today’s mortgage rates, you can still refinance for lower payments. Here’s how Mortgage interest rates determine your monthly payments over the life of the loan. Even a slight difference in rates can drive your monthly payments up or down, and you could pay thousands of.