Homebuilders aren’t keeping up with millennials

While the majority of both single- and multifamily home construction is in millennial-dense counties, it actually lags the rest of the nation when it comes to meeting demand. Millennial counties, defined as geographic areas where at least a quarter of the population consists of this demographic group, account for 62% of the entire U.S. population,…

10 Housing and Mortgage Trends for 2020

Mortgage rates will remain low in 2020, affordable homes for sale will remain scarce, and boomers will remain in their homes and build equity that they won’t borrow from. But not everything in 2020 will be a continuation of 2019: People shopping for FHA loans might find more lenders competing for their business, and change…

First-time homebuyers are making a comeback

First-time homebuyers are making a comeback this year as they made up 39% of all buyers in the single-family housing market during the third quarter, according to the third quarter First-Time Homebuyer Market Report from Genworth Financial. First-time homebuyers also made up 55% of all purchase mortgages. This is significantly higher than their historical average, which,…

Mortgage rates retreat

Mortgage rates dropped slightly during the week ending Nov. 1, falling back after increases in the previous period, according to the Primary Mortgage Market Survey released by Freddie Mac. The average rate for 30-year fixed-rate mortgages fell to 4.83%, with an average 0.5 point, from 4.86%. The mortgage averaged 3.94% in the same period in…