BMO's Real Financial Progress Index revealed that a mere 6% of Americans plan to buy a home this summer. Almost two-thirds (64%) of respondents to the survey said they were waiting for the interest rate to drop to enter the market. BMO cited a combination of high-interest rates, limited inventory, increasing home prices, and higher ownership costs as reasons for buyers staying on the sidelines. - 68% of Asian Americans and 70% of Hispanics said they are likely to put off buying a home, while 43% said they are no longer sure if or when they will buy.
- The percentage of Americans planning to buy a house this fall declines to 4%. 32% are gearing up to enter the market next year or later.
- 81% of those planning to refinance their mortgages are waiting for the rates to decrease.
- More than half of Millennials and Gen Z feel homebuying is out of their reach, compared to when their parents were the same age.
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