CHART OF THE DAY: Millennials are feeling the pain of higher interest rates much more than baby boomers

By: Higher interest rates are having an outsized impact on millennials who are looking to buy a home.At the same time, baby boomers have seen a net positive from elevated interest rates as their cash earns 5%.”Everyone is locked in 3% mortgage except millennials,” Bank of America said. Loading Something is loading. Thanks for signing…

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Mortgage rates just hit a 22-year high—it’ll continue to be a ‘drag on home sales,’ Realtor.com chief economist says

By: Sydney LakeSeptember 29, 2023 at 10:33 AM Getty ImagesThe 30-year fixed-rate mortgage just hit its highest point in nearly 23 years, coming in at 7.31% on Thursday. While the mortgage rate has fluctuated somewhat during the past few months, it’s stayed heartily above 6%. This time last year the rate was 6.7%. But above…

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