Did you know that March 2023 is your ideal time to buy your first home? Mortgage rates may have been higher at the start of the year for the general home-buying public, however, for many first-time home buyers, the overall rates are down.

Although there is no guarantee that prices will remain the same forever, more first-time home buyers are now able to purchase a home. Thanks to the government’s involvement, the Federal Housing Administration (FHA) mentioned in February that 30-year, fixed-rate conventional mortgage rates will begin, averaging at 6.85 percent.

The plan is to lower down the FHA MIP or annual mortgage insurance premiums by $300 annually for every $100,000 borrowed by FHA-backed homeowners.

The reduction should be about 0.30 percentage points, the first decrease in more than 8 years, and the third in the last 3 months.

Mortgage rates may seem higher from the beginning of the year, however, for most first-time home buyers, the rates are lower in general, making it the best time for new home buyers to start their journey to home ownership.

Want to know more? We can help! Contact us:

Phone: 631-352-0215

Email: mzelli@zellilaw.com

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