First-Time Buyers Getting Lower Mortgage Rates – April 21, 2024

Video Transcript

Average mortgage rates crossed 7 percent this week. This according to Freddie Mac’s weekly mortgage rate report. But if you’re a first-time home buyer you are probably getting a mortgage rate way below what those other applications submitted to Freddie Mac average says. And here’s why.

That Freddie Mac average is based on mortgages used for buying homes where the buyer is using a 30-year fixed-rate mortgage and making a downpayment of at least twenty percent. That’s the Freddie Mac figure. But first-time buyers whose credit scores are at least 620 so slightly below average or better and whose income is typical for the area in which they’re buying low- to moderate-income home buyers those buyers get discounted mortgage rates that sometimes come in a half-point lower than the Freddie Mac average sometimes more because eligible first-time buyers get discounts on their conventional mortgage rates that’s not captured in the Freddie Mac survey.

Rates for these buyers are still firmly in the 6s. You can see today’s first-time buyer mortgage rates on the website – check it out anytime. I’m Dan with Homebuyer.com.

Happy homebuying.