Help is available for first-time homebuyers as mortgage rates top 7%

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Buying a first home has gotten harder as mortgage rates top 7%, and high prices push many young adults out of the market.

Last month, Kate Gabriel said her 22-year-old son Levi started trying to buy his first home. She said he checked his credit, talked with a real estate agent and started looking at homes before realizing the monthly mortgage payment was out of reach.

“He’s been, you know, a combination of sad and annoyed,” Gabriel said.

Levi is not alone. The median age of a first-time homebuyer is now 40, as high home prices and interest rates keep young adults from buying a house.

What help is available?

“I think in terms of affordability it is harder right now from a monthly payment perspective than what consumers have seen in the last 10 to 20 years,” Twin Cities realtor John Ahnemann with Keller Williams Realty Integrity Lakes said.

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