Recent data indicates that interest among millennials in homeownership has surged from 15% to 23% in just six months, making them the only generation showing increased desire to buy. However, high mortgage rates are preventing many from actually purchasing homes, with 69% of Americans overall stating they do not plan to buy a home soon. Surveys show that over half of millennials and Gen Zers have postponed their plans due to these financial barriers, with rates exceeding 6% largely deterring prospective buyers.
"Even though we found a change in millennial home-buying intent, the influence of mortgage rates cannot be overstated, with the vast majority of Americans, including millennials, prioritizing lower rates before committing to a purchase."
"The lock-in effect is still very much in effect"
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