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Mortgage Update

Conv 30 year Fixed: 6.5%

First Time Buyers 30 year Fixed: 6.125%

FHA 30 year Fixed: 5.75%

With 20% down, a monthly mortgage payment is $2,063 on a home with a price of $400,000. With 10% down, the typical payment would be $2,321.

Positive: Mortgage applications increased this week with lower mortgage rates. Home buyers are also seeing more housing inventory in some markets which has provided the chance in late Fall to finally move off the sidelines. Rates in the mid-6s are more palatable than the near 7 percent of November.

Negative: There is a long way to go before there is enough housing inventory for the pent-up demand in the housing market. While there is a growth of existing homes, the inventory is still below February of 2020

First Time Buyers News

The age of first-time homebuyers reached a new high. The first-time homebuyers’ median age reached 38 years old. That's up from 35 years old last year and up significantly from the 1980s when the typical first-time homebuyer was in their late 20s. This record comes despite first-time home buyer's household income growing by $26,000 over the past two years.

Overall, the ages of first and repeat buyers reached an all-time high with the median buyer age reaching a peak of 56 years old, up from 49 last year. The typical repeat buyer also rose to 61 years old, up from 58 last year.

In the last year, I've successfully helped 7 first time buyers win their first home. What that means is I have the knowledge and skillset to be able to assist breaking into homeownership. Who do you know that's looking to buy their first home in 2025? Please let me know so I can see if I can assist. Thanks in advance!