Is it smart to buy a home in 2022?

Our guide for When Should I Buy A Home says yes – December 2022 is a good time to buy. Here's why first-time buyers should jump back into the market: Mortgage rates made the largest one-month drop since 14 years ago. There are fewer homes available to purchase in most U.S. markets.

homebuyer.com - Is Now a Good Time to Buy a House? December 2022 Edition

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Our advice is based on experience in the mortgage industry and we are dedicated to helping you achieve your goal of owning a home. We may receive compensation from partner banks when you view mortgage rates listed on our website. Each post is edited and fact-checked by industry experts to ensure that we are providing accurate information for our readers.

According to Fannie Mae’s latest National Housing Survey, more than 60% of renters would buy a home if their lease ended today. But is now a good time to buy a home?

Our guide for When Should I Buy A Home says yes – December 2022 is a good time to buy.

Here’s why first-time buyers should jump back into the market:

Mortgage rates made the largest one-month drop since 14 years ago There are fewer homes available to purchase in most U.S. markets Home sellers are making fewer price cuts on their homes This article reviews the December 2022 housing market for first-time buyers and why now is a good time to pre-approve your mortgage and buy a home.

Is Now A Good Time To Buy A Home? [December 2022]

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Mortgage Rates Peaked Last Month

Mortgage rates are plunging.

According to Freddie Mac, 30-year fixed-rate mortgage rates peaked in November, then dropped 0.59 percentage points to reach 6.49 percent nationwide, on average. The mortgage rate fall marks the most significant 3-week decline since 14 years ago. It’s the fourth fastest drop in more than three decades.

Rates will go even lower, too.

Earlier in the year, inflation forced the Fed to increase interest rates. Inflation is retreating now, so 30-year fixed-rate mortgage rates are doing the same. Today’s home buyers may see 5 percent mortgage rates soon.

First-time buyers get an extra boost.

Effective immediately, Fannie Mae and Freddie Mac mandate mortgage rate discounts for low- and moderate-income first-time buyers. Eligible buyers get discounts as large as 1.75 percentage points off their interest rate. Every one-point drop in mortgage rates adds 11 percent to your purchasing range.

Home Inventory Fading Into 2023

Another reason December 2022 is a good time to buy a home is that the number of homes for sale is stabilizing while demand for homes heats up. According to real estate data company Altos Research, homes for sale dropped 2.5 percent post-Thanksgiving to 550,000 homes. Furthermore, the group expects another five percent inventory drop into the New Year.

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Sellers are listing fewer new properties for sale, too.

Compared to last year, thirty percent fewer homes are listed for sale per week, with about 1 in 10 selling in seven days. New listings should fall by another fifty percent before January 1, and listed homes should be priced appropriately. Fewer sellers are cutting prices.

First-time buyers are in striking position.

Sellers retook lost leverage last month but not enough to have the upper hand in negotiations. Buyers remain in control. Between now and mid-February, buyers will have mismatched opportunities to buy great homes at lower, more affordable prices.

Get pre-approved for a mortgage today. Get my pre-approval

Mortgage Rate Discounts For First-Time Buyers

Effective immediately, first-time home buyers get automatic mortgage rate discounts from Fannie Mae and Freddie Mac. The program is called the FHFA First-Time Home Buyer Mortgage Rate Discount. It’s available to low- and moderate-income first-time buyers who purchase a primary home and finance it with a conventional fixed-rate or adjustable-rate mortgage. The discount program applies to single-family homes — including condos and townhomes — and 2-4 unit properties. Under the new FHFA plan, home buyers get mortgage rate discounts of as much as 1.75 percentage points off standard market rates. The FHFA First-Time Home Buyer Mortgage Rate Discount lowers mortgage rates instantly and automatically for eligible first-time buyers. It changes the math of “Should I rent or buy a home?” The discount program is temporary, which is another reason why December 2022 is a good time to buy a home. Once the program’s gone, mortgage rates go up.

Buying A Home With A Small Down Payment

For many first-time home buyers, it doesn’t matter whether interest rates are too high, home supplies are too low, or even whether you have enough money saved up in the bank. When it’s time to buy a home, it’s time to buy a home. Thankfully, first-time buyers can achieve their American Dream of homeownership without saving 20% for a down payment. The government makes multiple mortgage programs available with little or no money down, and down payment assistance programs are available. First-time buyers can choose from several low down payment mortgages, and it’s getting easier for buyers to qualify. Lenders recently lowered credit score minimums on certain low- and zero-down loans by as much as 40 points.

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Congress also is stepping in to assist.

Nine homeownership and affordable housing bills are working through Congress to give first-time buyers programs tax credits, cash grants, and other purchase incentives. Watch this video for a review of the programs.

First-Time Home Buyer Mortgage Programs [November 2022 Update]

Watch this video on YouTube

Buying A Home Into The 2023 Housing Market

December 2022 represents a favorable window for buying your first home. Mortgage rates are down, home prices are flat, and buyers have leverage over sellers.

The window may extend into the early 2023 housing market, too.

Our advice for today’s home buyers:

Get pre-approved Get your mortgage pre-approval completed as soon as possible. Your mortgage pre-approval uses today’s mortgage rates to tell you how much home you can afford and sets realistic boundaries for your home search. Pre-approvals are the first step of every successful home purchase. Research low down payment loan options Second, research all of the home loan options available with low down payments, such as: USDA loans – zero down

VA loans – zero down

Conventional 97 – 3% down

FHA loans – 3.5% down Improve your credit Improve your credit score as much as possible. Supplement your work with a credit-building service such as StellarFi that works in as few as 30 days. Get down payment assistance Last, research down payment assistance programs in your area via the HUD website. Some programs may have been discontinued or defunded for 2023, so call the local provider to verify availability.

homebuyer.com - Is Now a Good Time to Buy a House? December 2022 Edition

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