News
According to a new report, millennials may be getting ready to make the jump to homeownership. Results of the Census Bureau’s American Community Survey show that the number of homeowners in the 25-34 age group has stopped declining in the large numbers it had each year between 2007 and 2012.
In fact, with the decline between 2013 and 2014 being statistically insignificant, Fannie Mae believes the number of young homeowners has begun to stabilize. It also expects we will see positive growth in millennial homeownership in the near future, as the strength in the labor market continues and the dream of homeownership lives on in the hearts of young adults.
Fannie Mae is not alone. A Goldman Sachs survey from last year also showed that there is an aspiration among millennials to own a home. Of those surveyed, 20 percent already owned a home or were in the process of buying one, and almost 70 percent said homeownership was either “very important” or “important.”
Weichert sales associates and Gold Services Managers are available to help consumers in all aspects of purchasing a home
Rates
WFS Jumbo rate – 5/5 ARM: 3.375%
Other WFS rates – Check with your GSM for current rates.
Refi Index – (-37.0%)
Purchase Index – (-15.0%)
NAHB Builder Confidence – 61 (-1 pt.)
Existing Home Sales – 4,760,000 (-10.5%)
New Home Sales – 490,000 (+4.3%)
Pending Home Sales – 106.9 (-0.9%)
Housing Starts – 1,173,000 (-10.5%)
Building Permits – 1,289,000 (+11.0%)
Featured Product
Fannie Mae’s new HomeReady mortgage product was designed to align with today’s buyer demographics and to support sustainable homeownership. It is an innovative new product option for creditworthy, low-to-moderate income borrowers with expanded eligibility in designated low-income, minority and disaster-impacted communities. The low down payment option and enhanced pricing offers up to 97% financing with no minimum borrower contribution.
Get started on your home search today at www.Basking-Ridge-Real-Estate.com
