First-time buyers typically borrowing for 31 years

First-time buyers are now taking out mortgages with an average term of 31 years due to rising housing costs and higher mortgage rates. Despite recent decreases in mortgage rates, borrowers are opting for longer terms to maintain lower monthly payments. While longer mortgage terms offer more manageable repayments, they also result in higher overall costs due to extended interest payments. Young homeowners may consider shorter terms in the future as their salaries increase or circumstances change.