According to federally-backed lender Freddie Mac, mortgage rates were flat the week of November 15, after hitting an eight-year high the previous week.
Traditional 30-year fixed-rate mortgages were even at 4.94 percent for the week, the 15-year fixed-rate product was up three basis points to 4.36 percent, and the 5-year Treasury-indexed hybrid adjustable-rate mortgage also held steady at 4.14 percent. Relatedly, fewer Americans believe they will be able to buy a home in the near-term, and more current home-owning Americans are staying in those homes longer, Realtor.com reports.
And in a report out Wednesday, the Joint Center for Housing Studies at Harvard University examined the financial state of older Americans. The share of households aged 50-64 with less than $20,000 in wealth stood at 22 percent in 2017, a big jump from 15 percent in 2001. “Another potentially troubling trend is that more older homeowners carry mortgage debt,” the Harvard researchers noted. In 2016, 41 percent of owners 65 and older owed money for their homes, more than double the 20 percent share from 1989.
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