The average rate for a fixed 30-year mortgage rose for the second week to 3.45% from 3.42% the previous week. In a piece for Forbes, contributor Lorraine Woellert takes a look at the recent uptick in prices but highlights that they have held steady below 4% since December of last year - at an average rate of 3.64%.
Woellert points out that peak millennials, those born in 1990, have barely witnessed 4% rates but fear rates increasing:
In a Redfin survey, 47 percent of all buyers said they’d look for a less expensive house if rates rose by a point or more. Among respondents 34 and younger, the share was more than 50 percent. Five percent of millennials said they’d give up looking for a house altogether if rates jumped.