First-time homebuyers gravitated toward government home loan programs that offer relatively cheaper paths to purchasing property than what's available in the larger market, according to the Mortgage Bankers Association .The share of the Federal Housing Administration home loans for the week ending March 31 ticked up along with mortgages acquired through support from the Veterans Affairs Administration.
The 30-year fixed rate mortgage for loan balances of about $766,500 or less rose slightly to 7.07 percent. But buyers could secure FHA loans at 6.75 percent, MBA revealed. This could be helping some buyers who can secure those mortgages, according to Broeksmit.'First-time buyers have remained resilient this spring, despite persistent supply shortages and mortgage rates remaining above 7 percent,' he said.