First Time Homebuyers Account For Almost Half of Mortgages

 

Photo by Gus Ruballo: Unsplash

Prashant Gopal | Bloomberg News

Young Americans are hitting more and more homeownership roadblocks: crippling student debt, escalating home prices, surging mortgage rates and a scarcity of listings.

So why have they gone on a buying binge?

First-time buyers accounted for 46 percent of new mortgages (excluding refinancings) that Freddie Mac backed in the first quarter, their biggest quarterly share in data going back to 2012, according to the company. Meanwhile, the National Association of Realtors puts the median age of first-timers in the U.S. at 32.

Find the rest of the article here: First Time U.S. Homebuyers Account for Almost Half of Mortgages