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First-time homebuyers hold off on purchases amid ‘slim’ pickings, high mortgage rates
Lindsey Vogel has been looking to buy her first home since February of this year. She hasn’t had any luck.
In Burke Centre, Va., where she’s actively looking, Vogel hasn’t found anything that would persuade her to seal the deal. That’s despite going to at least one open house every other week, she said.
“It’s very slim pickings. There’s just not a lot of inventory,” Vogel, a 34-year-old electrical designer at an energy company, told Yahoo Finance in an interview.
Another issue is mortgage rates, which have hovered over 6% for the past month — a far cry from the ultra-low rates seen early on in the pandemic.
“I am waiting for the rates to drop significantly. I wanted to see what’s out there and get a good idea. I am willing to buy if the right thing comes my way [in terms of] location and price point, but it just hasn’t happened,” she said.
Many aspiring homeowners like Vogel are continuing to sit on the sidelines of the housing market, turned off by high borrowing costs, record home prices, and a lack of supply. While in some of the most expensive regions in the country, the housing market is showing signs of life, there has yet to be a widespread rebound. Sales in the existing-home market slumped to the lowest level since 2010 during the month of September, according to the National Association of Realtors (NAR).
Meanwhile, the housing market has persistently stayed out of reach for many first-time homebuyers. Last month, entry-level buyers made up 26% of the transactions in the resale market, matching the all-time low from August 2024 and November 2021, per data from the NAR.
Morgan Stanley’s housing strategist, Jim Egan, explains that one of the remaining pressures is the “lock-in effect,” which refers to homeowners postponing a move because they secured their mortgages at lower rates during the earlier part of the pandemic. This trend has limited the supply of homes on the market.
Egan said that the current mortgage rate is 2.5 percentage points higher than the rates most homeowners are paying on their existing loans. In fact, more than 80% of borrowers have mortgage rates that are lower than the current rates, according to Morgan Stanley’s findings.
“We’re still pretty far away from rates unlocking significant inventory,” Egan added.
House hunters may not get much more relief in the immediate term, according to Goldman Sachs research analyst Vinay Viswanathan. The Federal Reserve cut its benchmark rate by half a percentage point in September. But there is “limited room” for further major declines, the analyst noted.
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UK based foreign exchange brand Travelex has announced that the company has undertaken a major expansion in the UAE, with the launch of 13 new stores across Abu Dhabi and Dubai airports.
At Zayed International Airport, Travelex is doubling its store footprint from seven to 14 stores, including six new on-the-move kiosk (OTM) locations at arrivals baggage, airside departures and pre-immigration, and one new traditional landside store. The new landside store will offer both a cash management service that will enable the airport’s businesses to process cash, as well as traditional consumer cash services, including access to 62 currencies.
Travelex initially entered Zayed International Airport in late 2023 with seven stores and eight ATMs. The new stores reflect the growing passenger demand and customer requirements of the UAE’s newest airport. As a dominant force in the capital’s aviation sector, Zayed International Airport rapidly affirmed itself as a key hub for air travel, solidifying its position as a vital player in the global travel landscape.
At Dubai International (DXB), Travelex is in the process of launching six new stores across all three terminals, including new traditional stores and stores upgraded from OTMS. Two ATMS dispensing AED were also installed at Terminal 3 Arrivals earlier this year. DXB has also seen a considerable post-pandemic growth in pax numbers, reinforcing its status as a leading hub for international travel.
The 13 new stores across Abu Dhabi and Dubai means Travelex will be operating 60 locations across the country. The latest IATA figures show that Middle Eastern airlines saw a 9.6% year-on-year increase in demand for June 2024, while capacity increased 9.4% year-on-year.
Batu Dölay, Managing Director, Travelex Middle East and Türkiye said:
“We’re delighted to be expanding our presence at two of the most exciting and dynamic airports in the world. This investment reflects the growing global reach and passenger numbers of our UAE airport partners, and our commitment to providing even greater access to international travel money than ever before.”
About Travelex
Founded in 1976 Travelex has grown to become one of the market leading specialist providers of foreign exchange products, solutions, and services, operating across the entire value chain of the foreign exchange industry in more than 20 countries. We have developed a growing network of ATMs and stores in some of the world’s top international airports, major transport hubs, premium shopping malls and city centres.
Travelex has built a growing online and mobile foreign exchange platform, and we also process and deliver foreign currency orders for major banks, travel agencies, supermarkets and hotels worldwide. In addition, we source and distribute sizeable quantities of foreign currency banknotes for customers on a wholesale basis – including central banks and international financial institutions. We also offer a range of remittance and international money transfer products around the world.
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