First-time homebuyers face high mortgage rates, rely on family

• Mortgage rates for first-time buyers are back in the 7% range, up from sub-3% during the pandemic.
• Many first-time buyers are leaning on family for down payments due to high mortgage rates.
• Current homeowners are holding onto low rates locked in during the pandemic.
• A record share of first-time homebuyers are paying all cash, widening the wealth divide.
• The median age of first-time buyers remains at a record high.