{"id":17570,"date":"2020-07-20T11:07:54","date_gmt":"2020-07-20T11:07:54","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=17570"},"modified":"2020-07-20T11:07:54","modified_gmt":"2020-07-20T11:07:54","slug":"could-low-mortgage-rates-end-up-hurting-first-time-buyers","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/could-low-mortgage-rates-end-up-hurting-first-time-buyers\/","title":{"rendered":"Could Low Mortgage Rates End Up Hurting First-Time Buyers?"},"content":{"rendered":"

Could Low Mortgage Rates End Up Hurting First-Time Buyers?<\/h1>\n
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Record low mortgage rates can save buyers money when financing a home purchase. But realtor.com\u00ae warns that those rock-bottom rates may make it more difficult for first-time buyers in the future.<\/p>\n

A shortage of affordably priced homes is causing first-time home buyers to face fierce competition, even during the pandemic and a recession.<\/p>\n

But as the economy eventually recovers and mortgage rates rise over the next few years, homeowners who bought or refinanced their mortgages this year may be tempted to hold onto their properties longer. That could then in turn hamper future first-time buyers in their search for starter homes, as their current owners remain in them.<\/p>\n

If \u201crates move up and you want to trade up to a bigger home, you not only have to pay more for the bigger home, but you would also have to pay more to borrow money,\u201d says Danielle Hale, realtor.com\u00ae\u2019s chief economist. \u201cThat starts to make it less appealing to trade up. There could be fewer entry-level properties for resale. It creates a scarcity of homes for first-time buyers.\u201d<\/p>\n

For the week ending July 16, the 30-year fixed-rate mortgage dipped to a record low average of 2.98%, Freddie Mac reports.\u00a0Those who snag rates that low may face a \u201clocked in\u201d situation, which has been considered a factor for preventing homeowners from moving in the recent past. Black Knight found when looking at rates and home listings from 2013 to 2018 that homeowners who had low fixed-interest rates were the least likely to list their homes for sale.<\/p>\n

\u201cPrior to the pandemic, we did see homeowners\u2019 mobility trending lower over the last few years,\u201d Joel Kan, an economist with the Mortgage Bankers Association, told realtor.com\u00ae. \u201cWe\u2019d also seen an increase in home improvement spending. Low rates could play a part in this increased homeowner tenure.\u201d<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Source:<\/div>\n
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\u201cLow Mortgage Rates Could Hurt First-Time Home Buyers for Years<\/a>,\u201d realtor.com\u00ae (July 16, 2020)<\/div>\n
\u00a9National Association of REALTORS\u00ae
\nReprinted with permission<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Could Low Mortgage Rates End Up Hurting First-Time Buyers? Record low mortgage rates can save buyers money when financing a home purchase. But realtor.com\u00ae warns that those rock-bottom rates may make it more difficult for first-time buyers in the future. A shortage of affordably priced homes is causing first-time home buyers to face fierce competition, … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-17570","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nCould Low Mortgage Rates End Up Hurting First-Time Buyers? - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/could-low-mortgage-rates-end-up-hurting-first-time-buyers\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/could-low-mortgage-rates-end-up-hurting-first-time-buyers\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/could-low-mortgage-rates-end-up-hurting-first-time-buyers\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Could Low Mortgage Rates End Up Hurting First-Time Buyers?\",\"datePublished\":\"2020-07-20T11:07:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/could-low-mortgage-rates-end-up-hurting-first-time-buyers\\\/\"},\"wordCount\":343,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/could-low-mortgage-rates-end-up-hurting-first-time-buyers\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/could-low-mortgage-rates-end-up-hurting-first-time-buyers\\\/\",\"name\":\"Could Low Mortgage Rates End Up Hurting First-Time Buyers? 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