Homeownership is no longer just for the young. In the 1980s, first-time buyers were in their early 30s, but by 2024, this number had climbed to 56—a record-breaking shift.

In a promising development for homebuyers, average mortgage rates have dipped to their lowest levels since early April. This decline offers a glimmer of hope for buyers struggling amidst rising home prices.

Existing-home sales in the U.S. saw a modest increase of 0.8% in May, even as high mortgage rates continued to challenge buyers.

Mortgage interest rates eased this week as the Federal Reserve maintained short-term rates, hinting at potential cuts in the fall. The average 30-year fixed-rate mortgage fell eight basis points to 6.86%, offering a glimmer of hope for prospective homebuyers.