The average contract rate of a 30-year mortgage is now well under four percent, which is helping first-time buyers.
The National Association of Realtors Economists’ Outlook blog notes that first-time buyers account for 33 percent of residential sales in June, up from a 30 percent share in May. Figures come from the June 2016 REALTORS Confidence Index Survey Report .
Aside from a blip in 2012 and 2013, the interest rates on 30-year conventional mortgages are the lowest they’ve ever been (In the early 1980s, the rates were around 18 percent, for comparison). The current rate, 3.57 percent, makes it easier for new homeowners to finance their homes.
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