{
  "id": 18467509,
  "title": "First-time buyers have ‘no low-rate mortgage to surrender’—and with rates back above 7%, one-quarter are leaning on family for the down payment",
  "url": "https://urgent.news/2026/11/06/first-time-buyers-have-no-low-rate-mortgage-to-surrender-and-with",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-06T07:58:00.000Z",
  "source": {
    "name": "Fortune",
    "slug": "fortune",
    "url": "https://fortune.com/2026/11/06/first-time-homebuyers-mortgage-rates-7-percent-down-payment-family-help/"
  },
  "original_language": "en",
  "account": "First-time homebuyers today face mortgage rates over 7%, making the housing market feel unaffordable. Unlike during the pandemic when rates were sub-3%, current homeowners still hold onto those low rates, leaving first-time buyers with no option to benefit from them. As mortgage rates rose back to 7.40%, home prices remained 25% higher than before the pandemic. This has left many frustrated and forced them to rely on family for down payments. Most first-time buyers have accepted that rates below 3% are no longer an option and are now disappointed that mortgage rates have climbed again. The affordability challenge isn't just due to high mortgage rates, but also the elevated home prices, primarily caused by pandemic-era low rates. First-time buyers often lack the down payment equity that repeat buyers have from selling their previous homes. Instead, they face a significant hurdle in saving for a down payment and closing costs, which can take years even if they can comfortably afford the monthly mortgage payment. Many young adults are now living with their families, accumulating savings that could eventually help them buy a home. For these buyers, the cash needed is increasingly coming from their parents through gifting or loans. Around 25% of first-time buyers in the US used a gift or loan from family or friends for their down payment, according to the National Association of Realtors' 2026 Profile of Home Buyers and Sellers. While mortgage rates are higher, today's buyers face lower competition and longer time on the market, giving them more negotiating power and time to find a suitable home at a reasonable price.",
  "summary": "For first-time buyers, saving for a down payment can take years, and a record share are now relying on inheritances.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}