Thirty- and 15-year fixed mortgage rates saw no change from Friday, while 5/1 ARM rates dropped slightly, according to a NerdWallet survey of mortgage rates published by national lenders on Tuesday.
First-time millennial homeowners more DIY-focused
A survey released last week by Better Homes & Gardens revealed that 85% of first-time homeowners between 22 and 39 view homeownership as an important part of the American Dream. But the aspirations of these first-time millennial homeowners come with a practical view on spending money and do-it-yourself projects, according to the survey.
“Millennials and millennial ‘firsts’ are paving their own paths in homeownership based on their own budgets, timeline and needs,” Jill Waage, editorial director of digital content and products at Better Homes & Gardens, said in a news release. “These ‘firsts’ are replacing big-budget homes and expensive renovations with patience, frugalness and practicality.”
The survey found that just 50% of “firsts” are willing to “spend top dollar to get exactly the features and quality they want.”
Half of “firsts” said that their current homes required some amount of repair or remodel when they moved in. “Firsts” are more willing to save money and take on DIY projects, with only one in four saying they would first call a professional for repairs, and three of four doing some degree of DIY in the home. Almost 90% of “firsts” are “very or extremely interested in learning about home repair and home improvement projects,” the survey found.
“These first-time millennial homeowners are focused on building equity, not debt,” Waage said. “They are strong believers in being able to afford their dreams as they achieve them and not overstretch themselves.”
Homeowners looking to lower their mortgage rate can shop for refinance lenders here.
NerdWallet daily mortgage rates are an average of the published APR with the lowest points for each loan term offered by a sampling of major national lenders. Annual percentage rate quotes reflect an interest rate plus points, fees and other expenses, providing the most accurate view of the costs a borrower might pay.
Michael Burge is a staff writer at NerdWallet, a personal finance website. Email: firstname.lastname@example.org.