Even though mortgage affordability has improved since 2018 because of ultra-low mortgage rates, home values have grown at nearly twice the rate of incomes over the past six years, said Zillow, Seattle, making saving for a down payment—particularly for first time buyers—a challenge.
Tag: Down Payment
Monday Report: Red-Hot Housing Markets and a Time-Capsule Survey
This morning’s Monday Report features stories that confirm the housing markets remain hot, regardless of location or political preference; what that might mean for down payments; and a housing survey that, thanks to the coronavirus pandemic, was obsolete the moment it was released.
21 Years to Save for a Down Payment, Survey Finds
U.S. Mortgage Insurers, an association representing private mortgage insurance companies, said its annual state-by-state report on low down payment mortgage lending found saving for a 20 percent down payment could take potential homebuyers 21 years — three times the length of time it could take to save a 5 percent down payment.
21 Years to Save for a Down Payment, Survey Finds
U.S. Mortgage Insurers, an association representing private mortgage insurance companies, said its annual state-by-state report on low down payment mortgage lending found saving for a 20 percent down payment could take potential homebuyers 21 years — three times the length of time it could take to save a 5 percent down payment.