Best cities for first-time homebuyers

By Stephanie Horan | Smart Asset

Since March, mortgage rates have fallen steadily. According to Freddie Mac data, the 30-year fixed-rate average was at 2.90% and the 15-year fixed-rate average stood at 2.40% for the week ending September 24, 2020. These rates are 0.74 and 0.76 percentage points lower, respectively, than a year earlier.

Over the same period, Americans have saved more: Bureau of Economic Analysis data shows that though the personal saving rate fell from its record 33.0% in April, the July 2020 personal saving rate of 17.8% is still 10.1 percentage points higher than last year.

With mortgage rates at all-time lows and Americans saving more than ever, now may be a good time for individuals and families considering homeownership to take a serious look at their options. Buying a home for the first time requires significant research and thought. Even after qualifying for a mortgage and covering the down payment and closing costs, first-time homeowners must consider their comprehensive financial situation and whether they will be able to make the monthly mortgage payments. First-time buyers may also want to consider certain city-specific factors such as entertainment options, commute times and job opportunities.

READ ON:

Share this!

Additional Articles

Rose Law Group pc values “outrageous client service.” We pride ourselves on hyper-responsiveness to our clients’ needs and an extraordinary record of success in achieving our clients’ goals. We know we get results and our list of outstanding clients speaks to the quality of our work.

News Categories