Millennials are pumping more money into the real estate economy than they were a year ago, according to the August 2017 Down Payment Report from Down Payment Resource.

Millennials are paying about 1 percent more for homes and borrowing about 1 percent more than they did in 2016, according to the report.

“One area where Millennials are getting socked is rising rates,” the report said. “The average rate for a Millennial purchase loan in May was 4.304 percent, a 67-basis point increase and over May 2016.”