Apr 11, 2024 - Real Estate

Charted: Florida's mortgage offers to first-time buyers

Share of mortgage offers made to first-time homebuyers in 2023
Image credit Data: LendingTree; Note: Mortgage offer refers to any type of mortgage offered to a LendingTree marketplace user by a LendingTree lender; Map: Axios Visuals

First-time homebuyers received 64.5% of mortgage offers in Florida in 2023, per a recent LendingTree report.

Why it matters: It's one more sign current homeowners are still feeling the golden handcuffs effect of not wanting to give up existing low-rate mortgages.

The big picture: Nationwide, 65% of mortgage offers went to first-time homebuyers in 2023, per the report.

Between the lines: However, fewer people overall were taking out mortgages in 2023. "First-time buyers simply appear to make up a larger portion of a relatively small pool of buyers," senior economist Jacob Channel says.

What's next: "As rates decline, we'll likely see more repeat buyers jump back into the housing market," according to Channel.

Go deeper: Inside Biden's plan to unlock the housing market's golden handcuffs

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