Today’s News Synopsis: How much should you save for a down payment? The Mortgage Bankers Association reported mortgage applications decreased 7.3% from last week in their latest survey. 60% of homebuyers are considering a fixer-upper as their first home for the spring buying season. In The News: Realtor.com – “‘The Best Home-Selling Advice I’ve Heard, Ever’” …
Today’s News Synopsis: Freddie Mac reported mortgage rates continue to be high for the year with 30-year rates at 3.87% and 15-year rates at 3.08%. At the same time, the average down payment decreased to its lowest in three years according to RealtyTrac, coming in at 14.8% of the purchase price. The …
A new government plan may require larger down payments on cheaper mortgages. Inman has compiled a list of the top 10 markets for real estate investors. The Labor Department reports the nation’s unemployment rate rose to 9.1%.
Multiple national associations testified on behalf of FHA. According to the NAHB, 74.6 percent of all homes sold in the first quarter were affordable to families earning the national median income. Freddie Mac completed 11,349 loan modifications in April. The FHFA said home prices fell 2.5 percent in the first quarter.
Results from an NAHB survey show builders expect homes to average 2,152 square feet by 2015. Lockhart, from the Atlanta Fed, expects the economy to grow up to 4% over the next 2 years. FNC Inc said over 25% of foreclosed properties liquidated in 2008 and 2009 sold at more than a 40% discount. Bank regulators are attempted to push new rules that would require lenders to offer borrowers more principal write-downs.
The Commerce Department reports the economy grew by 2.4%. Altos Research predicts home prices will continue to decrease through the rest of the year. According to FinCen, suspicious activity reports for mortgage fraud in 2009 increased by 4% from 2008. Legislation for the Section 502 single-family rural housing program is headed to the President to be signed back into law. The program allows 30-year originations to purchase households or renovate currently owned ones with zero down payment at the time of application.
The MBA reports independent mortgage bankers and subsidiaries made an average profit of $606 on each loan they originated in the first quarter of 2010. Statistics from the Commerce Department show housing starts fell 5% from May. FHA may soon require borrowers to have at least a 580 FICO score to buy a home with a minimum 3.5 percent down payment. First and second mortgage default rates declined to 3.3% and 2.4%, according to Experian.