Amid historic home purchase affordability challenges and limited entry-level housing inventories in markets around the U.S., first-time homebuyers have remained active this spring, overcoming no shortage of challenges to pursue homeownership.
First-time buyers comprised more than half of all closed purchase loans in March, their highest share in nearly six years and approaching pre-pandemic levels — even as the Iran war has pushed mortgage rates to their highest levels since last fall.
Nearly two-thirds of purchase loans backed by the Federal Housing Administration (FHA) and Department of Veterans Affairs (VA) went to first-time buyers in March, matching a five-year high, according to ICE Mortgage Technology. Meanwhile, 43% of Fannie Mae an...