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Although there was some calming in the market after the recent bank shock, mortgage rates continued to drop. According to Freddie Mac, the average rate on a 30-year fixed mortgage fell to 6.32% from 6.48% in the first week of the year. Thus, buyers were able to lock in a lower rate by the end of the first quarter.
Meanwhile, we are midway through the transition of Baby Boomers into retirement, one of the most interesting generational trends. This trend has already impacted the real estate market. According to NAR, Baby Boomers dominate the housing market, representing the largest group of home buyers and surpassing Millennials. This demographic shift is bound to be observed in the real estate market for the next decade. About 20 million additional households will be older than 65 by 2030. With nearly 80% of them owning their home, Baby Boomers have substantially more wealth than younger generations.
