Aging Americans changing their housing habits could affect the market in coming years. 10,000 people a day are turning 65 and by 2030 the entire baby boomer population will be over 65. Currently baby boomers currently own a cumulative $18.3 trillion in real estate. The silver tsunami’s transformative potential has not yet materialized in any meaningful way yet and it may not anytime soon. Baby boomers, the wealthiest generation are increasingly staying in their homes and the vast majority don’t have a mortgage or have one with a very low interest rate.
Source: Housing Wire
Mortgage Rates
Move Sideways
as Markets Digest
Incoming Data
Between late October and mid-December, the 30-year fixed-rate mortgage plummeted more than a percentage point. However, since then rates have moved sideways as the market digests incoming economic data. Given the expectation of rate cuts this year from the Federal Reserve, as well as receding inflationary pressures, mortgage rates will likely continue to drift downward as the year unfolds. While lower mortgage rates are welcome news, potential homebuyers are still dealing with the dual challenges of low inventory and high home prices that continue to rise.
