Housing markets

Nearly one-quarter of borrowers now have a rate above 5% as households in this category grow and the number with rock-bottom financing costs slowly recedes.

However, a significant minority, more than one-in-10, stated although they want to buy, they will never be able to afford to do so, Insurify found.

Even with rising premiums, the disincentive is not enough to drive homeowners away from risky areas, said the chairman of Swiss Re.

The core personal consumption expenditures price index, which strips out food and energy, increased 0.1% from the prior month, the smallest in six months.

Part of the proceeds will be used to pay down a credit facility, which is then being refinanced and the principal reduced.

May's falling interest rates as well as ongoing wage growth helped improve home affordability across borrowing segments and racial groups, the Mortgage Bankers Association said.

A gauge of contract signings from the National Association of Realtors decreased 2.1% to 70.8 last month, the lowest reading in data going back to 2001, the group said Thursday.

The pace of growth is more than double the recent historical average, adding further affordability hurdles for some homeowners.

Across the country over the past two years, the share of homes affordable to a first-time home buyer has fallen to 29% from 34% in 1Q23 and 45% in 1Q22, First American Financial said.

Almost two-thirds of those aged 55 or over said they are sentimental about the house they have occupied long-term.