#starter-homes

#starter-homes

Matt Vernon, the head of consumer lending at Bank of America, told HousingWire via email that recent rate declines have prompted increased activity in the refinance market through both rate-and-term and cash-out refi loans. Most people are focused on rate-and-term refinances to lower their monthly payments, while some are also looking to tap into their home equity, Vernon said. For example, HELOC rates dropped quickly after the Fed's recent cut.

In 2024, the average cost of a starter home in Maine was approximately $266,120, requiring a household income of at least $63,738 annually.