U.S. homebuyers in the West accounted for all of February's increase in sales of new houses, possibly signaling uncertain growth prospects for the broader real estate market heading into the spring buying season.
They've been scared off by stagnant wages and a lackluster housing market, but a good share of potential first-time homebuyers seem ready to take that plunge in the near future.
Millennials make up the largest home-buying segment in the U.S. right now and yet, when it comes to purchasing a home, many of them have no idea that they have to pay what usually amounts to several thousands of dollars in closing costs.
Average long-term U.S. mortgage rates barely moved this week, remaining close to historically low levels as the spring home-buying season gets underway.
The economy is improving, hiring is gaining strength and average hourly wages are moving upward, which means potential homebuyers are beginning to feel better about taking on a mortgage. However, it's a different story for millennials who are not quite ready to pull the trigger.
If you're buying a new home or refinancing, mortgage closings costs are up six percent over the past year to an average of $2,402 nationally on a $200,000 loan.