Millennials are the only generation with a greater interest in buying a home in the next six months compared to September 2024, according to a new survey from Realtor.com®. Millennials’ buying intention grew to 23% this year compared to last September (15%), although most Americans (69%) are not planning to engage in a real estate transaction in the next six months.
Overall, over two-thirds of respondents acknowledge that mortgage rates influence their decision to buy a home. In contrast, Baby Boomers are less influenced by mortgage rates overall, 41% of Baby Boomers say that mortgage rates do not impact their decision to buy a home. Notably, only 2% would consider purchasing a home with mortgage rates exceeding 6%. Most, 63%, are looking for rates below 5.0% before they would consider purchasing a home.
Source: Florida REALTOR.com
Mortgage Rates
Continue to Stay
Under 7%
This week, the 30-year fixed-rate mortgage rose slightly higher. Aspiring buyers should remember to shop around for the best mortgage rate, as they can potentially save thousands of dollars by getting multiple quotes.
