Read previewA wave of younger buyers are about to enter the housing market in a trend that could spark a boom for homebuilders, according to one housing analyst.
That's because young Americans are itching to buy a home, and they'll likely enter the housing market in droves once mortgage rates come down, he told CNBC in a recent interview.
AdvertisementThe 30-year fixed mortgage rate hovered around 6.35% the last week, Freddie Mac data shows, close to their lowest level since early 2023.
Yet, 89% of existing homeowners have a mortgage rate below 6%, Redfin found in a survey at the start of the year.
Mortgage rates, though, could be slow to come down, housing experts say.
Persons:
—, Phillip Ng, they'll, We've, Ng, Freddie Mac, Redfin, Pricing's
Organizations:
Service, Jefferies, CNBC, Business, Buyers, National Association of Realtors, Builders, Mortgage
Locations:
Redfin