By Annamaria Andriotis | The Wall Street Journa;
Higher interest rates are the latest in a string of obstacles holding back an increase in home ownership among millennials.
The rise in rates during the last three months has lowered the median size mortgage that borrowers can qualify for by 9%, according to a new report from Fitch Ratings. That comes on top of rising down payment requirements in many housing markets where property prices have risen substantially in recent years. While lenders haven’t recently raised minimum down payment percentages, the dollar amount borrowers have to put down has risen with property prices.
