The share of mortgage-free homes in North Carolina is rising
Add Axios as your preferred source to
see more of our stories on Google.
The national share of mortgage-free homes continues to reach new highs, according to the latest census data.
- That's true for North Carolina as well.
The big picture: Many outright homeowners are Baby Boomers who refinanced when mortgage rates were lower, Axios' Sami Sparber writes.
- The average 30-year mortgage rate this week is around 6.8%, according to Freddie Mac, up from around 6% in September and below 3% in 2021.
Living mortgage-free doesn't mean living expense-free, but it's often reason enough for empty nesters to hold onto their big homes.
Between the lines: More people have also bought homes with cash since interest rates started rising, Redfin research shows.
By the numbers: The share of mortgage-free homes nationwide climbed from 35.7% to 39.8% from 2013-2023, per the U.S. Census Bureau's American Community Survey one-year estimates.
- In North Carolina, those numbers have climbed from 34.8% to 38.9% over the past decade.
Zoom in: Triangle homebuyers and sellers appear to still be sensitive to interest rates, according to the October report from Doorify MLS.
- A drop in mortgage rates last month led to a 13% increase in sales in October compared to last year, and a 17% increase from the prior month.
- Inventory of homes for sale in the Triangle also increased 35% in October compared to last year.
- Mortgage rates, however, have inched back up this month.
What's next: Those who took out a pricey mortgage in recent years are paying close attention to current rates for a chance to refinance as well.
- They're ready to shrink their monthly payments, according to Chen Zhao, head of economic research at Redfin.