More than 50% of closed purchase loans in March went to first-time buyers, ICE Mortgage Technology said, the highest share in nearly six years and close to pre-pandemic levels.
Historic affordability strains and thin entry-level inventory did not stop demand, even as the Iran war pushed mortgage rates to their highest levels since last fall.
Nearly two-thirds of FHA- and VA-backed purchase loans went to first-time buyers in March, matching a five-year high and showing heavier reliance on lower-down-payment programs.
The March surge suggests first-time buyers are still driving the spring housing market despite elevated borrowing costs and limited starter-home supply.
What's really driving the historic surge of first-time homebuyers into today's impossibly expensive market?
Priced out of their dream home, what compromises are young buyers making to finally own property?
With Baby Boomers dominating sales, are younger generations being permanently locked out of the American Dream?