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

First-time buyers are increasingly turning to family wealth as mortgage rates climb back above 7%, with roughly one-quarter leaning on relatives for down payment help. A record share of these buyers are relying on inheritances to close the financing gap, underscoring how elevated borrowing costs have reshaped entry into the housing market. Unlike existing homeowners, first-timers have no low-rate mortgage to surrender, leaving them fully exposed to current pricing. The shift matters because it widens the divide between buyers with family support and those without, potentially entrenching affordability barriers. Watch upcoming housing data and mortgage-rate trends for whether family assistance becomes a structural feature of first-time buying.