Einhorn Blames Young Buyers’ Impatience as Mortgage Rates Near 7%

David Einhorn says younger Americans are too impatient to build wealth through homeownership, arguing they would rather chase returns in crypto, stocks and sports betting. The Greenlight Capital co-founder made the remarks on Morgan Stanley’s “Break the Playbook” series as 30-year mortgage rates approached 7%.

Einhorn said buying a home and paying down a mortgage over 30 years takes discipline that may be in short supply. His point is that saving steadily can be a more reliable path than betting on fast gains.

But the latest Freddie Mac survey shows the cost of that long-term commitment: the average 30-year fixed mortgage rate was 6.95% on September 17, up from 6.26% a year earlier. On a $400,000 loan, AP reported, the increase from the 5.98% rate seen in late February adds about $255 to the monthly payment.

Home prices add another hurdle. The national S&P Cotality Case-Shiller index was 9.3% above its June 2022 peak in June 2026, even as annual price growth slowed to 1.5%.

The National Association of Realtors’ 2025 buyer survey found first-time buyers accounted for just 21% of purchasers, a record low. Their median age reached 40, and respondents cited high rent and debt, including student loans, as barriers to saving for a down payment.

That data does not prove impatience plays no role. Regular saving matters, and speculative bets can lose money. But delayed homeownership and a shrinking first-time-buyer share are hard to explain as a matter of patience alone when borrowing and purchase costs are both high.

For buyers, the next test is whether rates ease enough to improve monthly payments, or whether prices and borrowing costs keep ownership out of reach. For renters, building wealth does not have to mean buying immediately: consistent saving and investing remain options, though neither removes the need to weigh risk and affordability.