Millennials are buying homes at an older age because they haven’t saved up enough money.
That’s the assessment from NationStar Mortgage NSM CEO Jay Bray. Millennials are burdened with credit and student loan debt making it tougher for them to build up the cash needed for a down payment.
“They will buy – it’s going to take a little longer,” he said. “They started marriage a little later, having kids a little later, buy they’re coming for sure.”
Plus, interest rates for mortgages have largely remained steady even with the Federal Reserve raising short-term interest rates over the past few years.
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