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NAR Pending Home Sales Index Jumps in May
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You Don't Need That Much of a Down Payment
Daily Real Estate News |
Many consumers are overestimating the down payment they need in order to purchase a home, according to Christina Boyle, vice president and head of single-family sales at Freddie Mac.
Consumers believe they need 11 percent to 15 percent in order for lenders to approve them for a loan, according to a survey of renters and non-home-owners conducted by Zelman & Associates in New York. Thirty-nine percent say they need at least 15 percent of the purchase price in order to qualify for financing. Only 28 percent of respondents say they would even qualify for a mortgage >>Read More Realtor Mag
REPORTS & ANALYSIS
- Last week, mortgage rates were pushed and pulled by unusually large movements in global stock markets. The economic data had little impact. After a volatile week, mortgage rates ended just a little higher.
- The final reading for the August Consumer Sentiment was lower than expected and generally favorable for Rates
- Thursday rates ended the day virturally unchanged after being down in the morning.
- Markets seemed to have calmed, at least for the moment. However uncertainty in Asian markets could cause change at any moment.
- This morning appears that we may see a little improvement today. However, keep a close eye on the rate market.
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