KEY POINTS •The majority of consumers now think it is much harder to qualify for a home loan than it actually is. •Consumers either didn’t know or overestimated the minimum credit score needed to qualify for a loan. •Consumers also overestimated the required down payment on a mortgage. After the subprime mortgage crisis and the collapse of the U.S. housing market in 2008, lending standards Continue Reading
Lowest mortgage rates in a year and a half don’t impress homebuyers
Mortgage rates are falling fast but not enough to offset high home prices. Buyers are still pulling back. Total mortgage application volume increased 1.5% last week from the previous week and 12% from a year earlier, according to the Mortgage Bankers Association’s seasonally adjusted index. The gains were driven by refinances. The average contract interest rate for 30-year fixed-rate mortgages Continue Reading
