Higher mortgage rates push first-time buyers to record age of 40

The median age of first-time home buyers has reached 40, a record high, as rising mortgage rates and tight supply push ownership further out of reach. The average 30-year fixed-rate mortgage climbed to 6.18% in March, up from 6.05% the month before, adding hundreds of dollars in monthly payments for would-be buyers. That increase helped drive existing home sales down 3.6% in March to a seasonally adjusted annual rate of 3.98 million, according to the National Association of Realtors. Sales are now 1% below last year’s pace. The group has slashed its 2026 forecast for existing home sales to a 4% increase, down sharply from the 14% gain it projected late last year. Tight inventory and rising borrowing costs are delaying homeownership for a generation of buyers.