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Mortgage Rates Won't Stop Millennial Buyers

Mortgage rates have calmed recently. In fact, they've fallen pretty significantly since reaching highs last October. But while rates have given buyers some relief over the past few months, they remain elevated compared to the historic lows seen during the pandemic. In other words, rates are still a factor for potential home buyers – especially younger buyers. But while 67 percent of millennials say they regret not buying when rates were at all-time lows, they aren't discouraged by today's rates. In fact, according to a recent survey, 78 percent of respondents said they'd accept a rate higher than the national average and 65 percent said they'd still buy even if rates were almost double what they are now. It seems millennials who are in the market for a home aren't going to let rates determine when they buy. Mostly, that's because the majority of millennial respondents said they plan to refinance in the future if, and when, better rates become available.

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