Mortgage rates are expected to stabilize around 6% as the housing market sees increased activity from buyers and sellers who have delayed transactions. Economists predict a 4% rise in median home prices in 2025, while rental prices may remain flat, allowing renters more negotiating power. However, potential economic policies could introduce volatility in both mortgage rates and home prices.
Mortgage rates have stabilized, with the average 30-year fixed rate at 6.78% as of mid-November, offering some relief to homebuyers amid market volatility. Experts predict rates will remain in the 6% range into 2025, influenced by economic growth and potential Federal Reserve actions. Homeowners may benefit from refinancing, especially if they secured loans at higher rates last year, as home equity continues to rise significantly.
The average age of first-time homebuyers in the U.S. has reached an all-time high of 38, reflecting a decline in their market share from 32% to 24%. High rent prices, a significant housing shortage of 4 million homes, and increased competition against wealthier buyers are making homeownership increasingly difficult for younger adults. As a result, many renters remain cost burdened, spending over 30% of their income on housing, which hampers their ability to save for a home or pay down existing debt.
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