Mortgage Rates Are Not Deterring Some Home Buyers
Despite mortgage rates topping 7%, Americans persist in their desire to buy a home. According to the latest Housing Trends Report from NAHB, the share of adults with plans to purchase a home within a year edged up to 17% in the third quarter of 2023, up from 15% a quarter earlier.
The share has fluctuated up and down without a clear trend for over a year, likely because of the push-pull between two opposing forces: higher interest rates/home prices and persistent demand stemming from demographic growth.
Rose Quint, NAHB assistant vice president for survey research, provides further analysis in this Eye on Housing post.
At the same time, the Census Bureau’s Housing Vacancy Survey (CPS/HVS) reported the U.S. homeownership rate at 66% in the third quarter of 2023, amid persistently tight housing supply and elevated mortgage interest rates.
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