Data from the Federal Reserve shows that America’s baby boomers are wealthier than their younger counterparts. This has allowed a growing number of seniors to relocate to cities often considered too pricey for first-time buyers.
According to a new report from LendingTree home buyers born between 1946 and 1964 made up a majority share of new mortgages in many metropolitan markets including Las Vegas, Tampa and Phoenix.
San Diego ranked eighth among the largest housing markets to attract baby boomers with 13.2 percent of all new mortgage requests made that generation. The average age of those potential buyers was 62.6 years.
Today, conforming no-point 30-year fixed mortgage rates are averaging 3.0 percent and 15-year rates are near 2.375 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.