Millennials Waiting for 3% Mortgage Rates Might as Well Wish for a Unicorn

 Millennials Waiting for 3% Mortgage Rates Might as Well Wish for a Unicorn

Hey, you remember those magical 3% mortgage rates? The ones that let people lock in home loans at the cost of a decent DoorDash order? Yeah, about that…

If we ever see 3% mortgage rates again, it's not because the Fed had a change of heart. It’s because the economy fell off a cliff, and we’re all in a world of pain.

To get back to those dreamy low rates, the 10-year Treasury yield would have to drop to around 1%—which basically means the economy would be in full-blown crisis mode. Think:

✔️Mass layoffs

✔️Recession-level economic shrinkage

✔️People hoarding canned goods like it's 2008 all over again

Sure, cheap mortgages sound great—until you realize they come with "Congratulations! You might be unemployed!" energy.

So if you’re holding out for a 3% mortgage while the economy stays "strong", I’ve got bad news: it’s not happening. You’re more likely to see Bigfoot put a down payment on a condo.

For now? Just be glad you have a job and an income—because that is what’s keeping rates from tanking in the first place.