2015 has been predicted to be the year of first-time homebuyers. Thus far, as we are just a few weeks into 2015, falling mortgage rates are helping to create an environment for first-time homebuyers to afford a home.
Average long-term U.S. mortgage rates have fallen for the fourth straight week to about 2013 lows, as we near the end of January.
Mortgage company Freddie Mac said last Thursday the nationwide average for a 30-year mortgage declined to 3.63 percent from 3.66 percent. The rate for the 15-year loan slipped to 2.93 percent from 2.98 percent.
Opportunities for First-Time Homebuyers
If indeed 2015 is going to be the year of first-time homebuyers, a number of things will transpire to make buying a home more favorable for all Americans, and especially for young Americans.
Already, changes going into effect the end of January 2015 reduce mortgage insurance premiums, thus lowering mortgage payments, which could boost home sales. And these changes will certainly help first-time homebuyers.
Also near the end of 2014, we saw the return of 97% conventional financing, which will also help first-time homebuyers.
See our article for more details:
- FHA’s Reduction of Mortgage Insurance Premiums Lowers Mortgage Payments, and Could Boost Home Sales
- 97% Conventional Financing is Back
Opportunities for Savvy Realtors
Though first-time homebuyers want to purchase homes, and mortgage rates are falling, some first-time homebuyers are having trouble finding desirable homes.
NBC-affiliated television station, KOMU-TV, reports today that first-time home buyers are struggling to find the right home.
For first-time home buyer Joey Riney, the goal is simple.
“We just want a bigger house, a nice yard and a safe community,” Riney said.
But finding a new place to live has been difficult for Riney and his wife. The couple searched for a house for a year without finding their first one yet.
Riney’s year-long search might have to do with house prices slowly beginning to rise.
A report from the National Association of Realtors stated median home prices rose 5.8 percent in 2014.
The report also stated first-time home buyers make up only 29 percent of the market, which is still well below average.
As a result, this could present Realtors with a unique opportunity, if they can find desirable homes for first-time homebuyers and help them close.
Marimark Mortgage and First-Time Homebuyers
We have a long history of helping first-time homebuyers with their mortgage needs, and helping real estate agents close their sales by providing mortgage products and services suitable for all homebuyers.
Most of all, our expert staff works hard to overcome obstacles that would prevent a mortgage from closing, coordinating with all parties involved and closing in less than 30 days in most cases.