Commentary from Forbes says the American housing market is on the verge of the largest housing boom on record, and with an insider saying the market can thank the millennials. 

The Mortgage Bankers Association reported that applications increased 5.2% from the week prior for the week ending on October 4. 

Zillow’s 4th Annual Group Report on Consumer Housing Trends found that prospective home buyers with medical debt are more likely to be denied a mortgage, while those with student debt put off buying a home. 

Transunion’s Q2 2019’s Industry Insight Report found that Gen Zers, or those born in 1995 or after, saw their share of credit in mortgages rise by 114% in the quarter. 

Pending home sales for July fell 2.5% and year-over-year contract signings fell 0.3%, reversing increases from the prior month, according to the National Association of Realtors’ Pending Home Sales Index.

Ellie Mae’s July Origination Insight Report found that the 30-year mortgage dropped for the seventh-consecutive month to 4.18%

Although the majority of Americans favor homeownership, Fannie Mae’s latest National Housing Survey revealed many overestimate the qualifications and what it takes to own a home. 

Interest rates have been cut for the first time in a decade, as the Fed announced Wednesday that rates will drop by a quarter of a point. 

According to the National Association of Realtors (NAR), existing-home sales fell by 1.7% in June month-over-month, to a seasonally adjusted annual rate of 5.27 million. Additionally, half of the major U.S. regions recorded minor sales jumps while the other half experienced greater declines.

The growing use of technology in the mortgage space is what most lenders call their biggest competitor, according to analysis from Fannie Mae.