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First time Home Buyers Mortgage Program

Charles D'Alessandro of Fillmore Real Estate interviews a mortgage professional. The question is what does a first time home buyer do to ...

Weekly mortgage demand drops as homebuyers are rattled by the stock market

"Potential homebuyers may be a little rattled by the swings in the stock market the past few weeks, but the job market continues to strengthen, which should power demand through the spring season," said Mike Fratantoni, chief economist for the MBA. "The main uncertainty remains whether enough listings will be available to meet this demand."

While new listings have come on for the spring market, inventory is still down double digits from a year ago, and home price gains continue to accelerate.

"Our latest inventory data tells us buyers are out in full force this spring. Never in history have there been more eyes on fewer homes than today," said Javier Vivas, director of research at

Applications to refinance a home loan fell even more, down 5 percent for the week, despite no change in interest rates. They were 11 percent lower than a year ago, when rates were lower. Mortgage rates have moved decisively higher this year, leaving fewer borrowers with any incentive to refinance. The refinance share of mortgage activity is now at its lowest in a decade.

Who are today's homebuyers? New survey breaks it down

For younger buyers, rising rents was the primary driver for buying a home with 23 percent saying it triggered their purchase. For buyers 55 and up, a desire for privacy was the biggest impetus for buying, with 20 percent saying it was their ultimate goal.

According to Danielle Hale,’s chief economist, the survey showed clear-cut differences in taste among each buyer segment.

"Although record-low inventory and high prices make this housing market unique, some classic features still top most shoppers' wish lists," Hale said. "At the same time, we found some clear differences in priorities. For instance, older buyers are concerned with privacy and being able to age comfortably, while millennials place more emphasis on family needs, stability, and personal expression."

Verify your new rate (Apr 5th, 2018) All about the house

The survey also shed light into the specific home styles and preferences of today’s buyers. One of the most surprising results? The number of people buying multi-generational homes.

What are the best first time homebuyers mortgage programs today??

Lots of programs designed to assist with the goal of a home purchase.

Try a local mortgage broker, shop online such as Washington Mutual, Countrywide and make some comparisons.