As the housing market continues to gain momentum, builder confidence in older demographics increased significantly in the second quarter.
During the three-month period, the confidence level in the 55-plus age group rose to a mark of 29 out of 100, according to a report from the National Association of Home Builders. This was an increase from a score of just 13 a year earlier.
The confidence level is based on current sales, prospective buyer traffic, and potential transactions in the next six months.
"As the share of 55-plus households continues to grow in all regions across the country, we have a unique opportunity to create communities that address specific needs of the mature homebuyer," said NAHB housing council chairman W. Don Whyte.
With fixed mortgage rates hovering near all-time lows, older buyers, as well as others, may be able to find a number of affordable options to purchase homes for retirement. Specifically, at the beginning of August, 30-year FRMs increased slightly to an average 3.59 percent, according to Freddie Mac. Meanwhile, after a marginal gain, 15-year FRMs averaged 2.84 percent.