Every day, over 3.5 billion Google searches are processed—and last week, an in-depth Google study determined the most common mortgage-related searches. The report was based solely on Google search data from the past few years and focuses on what today’s buyers are looking for online.
According to the report, the three most common mortgage questions asked on Google all focus on affordability. In other words, people want to know exactly how much house they will be able to comfortably afford. They are specifically asking “How much mortgage can I afford?” “How much mortgage can I qualify for?” And “what mortgage can I afford?” Overall, questions regarding affordability have risen 34 percent since 2015.
In addition to the rising popularity of affordability questions, first-time buyers and millennial homebuyers have emerged as one of the top Google explorers. This year, 44 percent of mortgage inquiries on the search engine have been made by potential Millennial homebuyers—that’s a jump of 11 percent since this time last year. In fact, the search volume of first-time buyers and Millennials has reached its highest level in history.
While the number of mortgage searches has increased throughout the country as a whole, the largest jump in searches was recorded in the South. More specifically, the South has made 37 percent of the entire nation’s mortgage searches throughout the past three years. The West closely followed with 26 percent of searches, with 19 percent coming from the Northeast and 18 percent from the Midwest.
As the mortgage market continues to evolve and homebuyer priorities remain ever changing, it’s important to stay up-to-date on these shifts. For the full report on what homebuyers are searching on Google, see here. If you’d like more information about mortgage options right for you, or to learn more about home financing, contact one of our mortgage specialists today.