Survey: Younger homebuyers banking on future refinancing
A majority of younger homebuyers say their financial stability depends on being able to refinance their mortgages, according to a new survey from verification company Truework.
The report — based on responses from 1,000 people who purchased homes in the past two years — found that 64% of Gen Z buyers and 65% of millennial buyers said refinancing is important to their financial health.
That compares to 32% of recent baby boomer buyers.Across all ages, 56% said refinancing to a lower mortgage rate is important or extremely important to their financial health, while 25% called it “extremely important.”
“These findings reveal a generation of homebuyers who are taking significant financial risks in today’s market,” said Ethan Winchell, co-founder and president of Truework. “While homeownership remains a priority, younger buyers are betting their financial future on the hope that...
