Millennials Now Account for Nearly Half of Home Sales

While they began to become homeowners at a more advanced age than many of their predecessors and encountered an abnormally high number of obstacles getting there, Millennials are now driving the housing market. The 2022 Home Buyer and Seller Generational Trends report from the National Association of Realtors® (NAR) says the Millennial bloc, now aged 23 to 41, are accounting for more transactions than any other age group , 43 percent of home sales, up from 37 percent a year earlier. NAR also found that first-time home buying among younger generations is on the rise, with over 4 out of 5 younger Millennials, those 31 and younger, purchasing for the first time. Just under half of older Millennials were first timers. Baby Boomers made up largest share of home sellers at 42 percent although the percentage of Millennial sellers is on the rise, increasing 4 percentage point to 26 percent over the past year. It is now more likely for an older millennial (aged 32 to 41) to a first-time seller than a first-time buyer. Debt is a problem for many homeowners and the report says those in Gen X (now 42 to 56) and younger boomers (those below age 65) delayed heir home purchase the longest (5 years) due to debt. Younger Millennials had the highest share of student debt at 45 percent and a median amount of $28,000. Twenty-seven percent of younger Millennials said saving for a down payment was the most challenging step in the home buying process and nearly one in three received down payment help in the form of a gift or loan from a friend or relative. One-quarter lived with friends or family to save on rental costs.

March 24, 2022 Download our Mobile App: Download our Mobile App: Housing News Millennials Now Account for Nearly Half of Home Sales While they began to become homeowners at a more advanced age than many of their predecessors and encountered an abnormally high number of obstacles getting there, Millennials are now driving the housing market. The 2022 Home Buyer and Seller Generati... (read more) Mortgage Rate Watch Mortgage Rates Inch Back Up Toward Tuesday's Highs, but Hope and Risk Remain Tuesday (March 22) saw mortgage rates at their highest levels since late 2018 with top tier conventional 30yr fixed scenarios being quoted 4.75% by the average lender. Yesterday brought the first significant recovery to the bond market in sever... (read more) MBS Commentary MBS Live Recap: No Easy Victory For The Consolidation No Easy Victory For The Consolidation We began yesterday by counting all of the bond market head fakes seen since the Fed's first notable revision to the policy outlook in September 2021. At the time, t... (read more) Rob Chrisman Secondary Mktg., Appraisal, Fulfillment Products; Home Affordability Slips; Jumbo News; Crypto Mortgages The state of most commodity prices around the world? Prices are higher. What is the current state of donating blood? I tried donating blood again yesterday in San Luis Obispo, CA. Never again! Too many intrusive questions. ‘Whose blood is it? Where d... (read more) Mortgage Rates Mortgage Rates Inch Back Up Toward Tuesday's Highs, but Hope and Risk Remain 30 Yr. Fixed Rate 4.71% +0.03% Rate Change Points Mortgage News Daily 30 Yr. Fixed 4.71% +0.03 0.40 15 Yr. Fixed 4.07% +0.07 0.40 30 Yr. FHA 4.38% +0.06 0.00 30 Yr. Jumbo 4.10% +0.05 0.00 5/1 ARM 3.85% -0.03 0.50 Updates Daily - Last Update: 3/24 15 Yr. Fixed Rate 4.07% +0.07% Rate Change Points Freddie Mac 30 Yr. Fixed 4.42% +0.26 0.80 15 Yr. Fixed 3.63% +0.24 0.80 5/1 Yr. ARM 3.36% +0.17 0.30 Updates Weekly - Last Update: 3/24 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 4.50% +0.23 0.59 15 Yr. Fixed 3.76% +0.21 0.55 30 Yr. Jumbo 4.11% +0.09 0.51 Updates Weekly - Last Update: 3/23 MBS / Treasuries MBS Live Recap: No Easy Victory For The Consolidation UMBS 30YR 3.5 99.97 -0.45 Price / Yield Change MBS UMBS 3.5 99.97 -0.45 UMBS 4.0 102.13 -0.36 GNMA 3.5 100.39 -0.45 GNMA 4.0 102.16 -0.36 Pricing as of: 3/24 5:21PM EST 10 Year US Treasury 2.3718 +0.0820 Price / Yield Change US Treasury 2 YR Treasury 2.135 +0.036 5 YR Treasury 2.397 +0.082 7 YR Treasury 2.424 +0.083 10 YR Treasury 2.372 +0.082 30 YR Treasury 2.538 +0.057 Pricing as of: 3/24 5:21PM EST Latest Video Expect some 'hawkish surprises' from the Fed, says Wharton's Jeremy Siegel The 9am Bond Report - March 24, 2022 Refinance demand drops 54% annually, according to MBA The 2pm Bond Report - March 24, 2022 Around the Web Calculated Risk Blog New Home Sales and Cancellations CNBC As mortgage rates keep climbing, homes are more expensive for both renters and buyers Federal Reserve Waller, The Red Hot Housing Market: the Role of Policy andImplications for Housing Affordability Calculated Risk Blog Black Knight: National Mortgage Delinquency Rate Increased in February Reuters U.S. reinstates 352 product exclusions from China tariffs Reuters Bullard: High Inflation Means Fed Must Think Bigger, Faster Reuters Wall St drops as oil rally, Putin comments add to anxiety Calculated Risk Blog MBA: Median Mortgage Application Payment Up 8.3% from January CFPB 2021 HMDA Data on Mortgage Lending Now Available Reuters Fed policymakers march toward bigger rate hike in May Calculated Risk Blog Weekly Initial Unemployment Claims Decrease to 187,000; Lowest Since 1969 CNBC 10-year Treasury yield trades around 2.36% with NATO summit in focus CNBC Insana: The Fed isnt the sole cause of todays inflation. Here's what policy hawks are getting wrong

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