February 5th, 2020 8:34 AM by Jackie A. Graves
Lower mortgage rates are what first-time home buyers most want from the government in addressing real estate needs, according to a new survey of about 600 first-time home buyers conducted by the real estate brokerage Redfin. Mortgage rates are hovering near historic lows, yet 66% of first-time home buyers surveyed say they want rates to head even lower.
Besides lower interest rates, first-time buyers also want the government to provide tax credits and ease lending standards in helping to make home buying more affordable in the short-term, the survey finds.
First-time home buyers did not appear to be as concerned about the government’s action on longer-term solutions to challenges posed in the housing market, such as in addressing housing shortages. For example, only a quarter of respondents said they’d like the government to take steps that would urge more home construction, which has been pointed to as a solution for easing inventory woes.
© Redfin
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