Credit.com Warns: Rising Interest Rates Could Keep Millennials from Homeownership
On Monday, Freddie Mac released the latest mortgage interest rate data, noting that the national average currently sits at 4.08 percent.
While that number is lower than what we saw at this time last year – 4.12 percent in June 2014 – interest rates have been steadily rising throughout 2015, and if they continue on at the same pace, millennials could be priced out of homeownership.
According to Credit.com, which referenced an analysis by HouseCanary, if interest rates make their way as high as 6 percent, that would mean nearly a third of people aged 35 and under wouldn’t be able to afford homes as they are currently listed.
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