High inflation and interest rates impacting first time homebuyers

First-time home buyers are working against all odds to land their dream home amid skyrocketing housing prices, low availability, fierce competition, and ever-increasing mortgage interest rates. Chris Galler is CEO of Minnesota Realtors:

“First-time homebuyers are the most impacted by it because sellers of existing homes their house is going to go up and down in value but the purchase of their next house is going to go up and down in value probably comparably.”

Mortgage interest rates are still twice as high as they were at the beginning of 2022.