'Financial Hurdles To Owning A Home Have Rarely Been Higher,' Says BMO As Fed Holds Rates, Extending Wait For Homebuyers
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The Federal Reserve maintained interest rates between 4.25% and 4.50%, marking a third consecutive pause, disappointing homebuyers seeking relief from high mortgage costs. BMO highlighted that financial hurdles for homeownership are at a peak, particularly for young households, with the median first-time homebuyer age reaching 38. The 30-year fixed mortgage rate rose to 6.90%, significantly higher than pre-2022 levels. Analysts predict a stagnant housing market until mortgage rates drop closer to 5%, amid increasing economic uncertainty and risks of higher unemployment and inflation.
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