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New survey shows surge in first-time homebuyers

Slowly rising mortgage rates are creating first-time homebuyers.

Slowly rising mortgage rates are creating first-time homebuyers.

According to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey, rising mortgage rates pushed first-time homebuyers to purchase properties in November.

First-time homebuyer shares of home purchases increased from 34.4 percent in October up to 37.2 percent in November, as mortgage rates spiked from record lows in early November.

"The recent surge in interest rates has made potential homebuyers nervous," Thomas Popik, the director of the HousingPulse survey, said. "If rates go up much more, then a good percentage of them will no longer qualify for the properties they want. As a result, they’re making bids on homes and quickly closing before their rate locks expire."

A real estate agent in Oregon stated in the release increasing interest rates have aided in recent first-time home buying, while another agent in Virginia suggests homebuyers are acting now because they don't think interest rates will be lower than they are now in the near future.

The survey utilizes more than 3,000 real estate agents in the US each month, supplying new information on home sales and mortgage usage patterns.