Mortgage Rates For March 6, 2024: Avoid These First-Time Homebuyer Mistakes
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When it comes to buying your first home, it’s critical to get in at the right time and pay attention to average daily interest rates to make that happen. However, there are dozens of mistakes first-time homebuyers often make, both related to the mortgage they select and not. This is especially true if you’re a first-time homebuyer who can track the market conditions and isn’t in a rush to buy right away.
Today’s 30-year mortgage interest rates
The average daily mortgage interest rate for Wednesday, March 6, 2024 is 6.97% for a 30 year fixed rate. The rate fell 0.02% from yesterday and 0.31% from December 2023. This information is sourced daily from correspondent, retail, and wholesale lenders located in the United States.
Today’s 15-year mortgage interest rates
The average daily mortgage interest rate for Wednesday, March 6, 2024 is 6.47% for a 15 year fixed rate. The rate fell 0.02% from yesterday and 0.45% from December 2023. This information is sourced daily from correspondent, retail, and wholesale lenders located in the United States.
Forgetting about closing costs, moving costs, and more
There’s more to the cost of buying the home than the home itself. In addition to your mortgage, you’ll have to pay closing costs (administrative and filing fees), moving costs, and more. Plus, even if the home inspection is perfect, you might end up with some unexpected or necessary home improvements that need to be made immediately. Do you have to buy or upgrade appliances? Expand the driveway to accommodate your family’s cars? Move multiple people from multiple locations? All of these expenses contribute to your move-in costs, and you need to consider that.
Not saving properly
There are a few misconceptions about saving for a home, starting with the amount you need for your down payment. VA loans start at 0%, which means if you’re a service member, veteran, or the spouse of one, you may not have a reason to wait (especially if your rent costs a lot more than a mortgage would). Popular FHA loans start at 3.5% down. Even with bad credit, the FHA expects 10% down – not the mythical figure of 20% that many people believe.
That said, saving early and often is critical. If you can take advantage of living with family and skipping a renting phase after college, you may be able to get into a home within a few years if you save wisely. Remember: you don’t have to spend it all, which means when you do buy a home, it could be unwise to empty your savings account, which might cover other emergencies or times of unemployment.
Avoiding first-time homebuyer programs
Getting into your first home can be a challenge, which is why there are special programs out there for first-time homebuyers. This includes statewide and regional programs. These programs provide cash grants, assistance with down payment, help with closing costs, and more. Your financial advisor and real estate agent should be able to point you in the right direction here.
