Real Estate Market Trends

The Myth of the 20% Down Payment

When people think about buying a home, they are often discouraged by the idea of saving enough money for the down payment. Indeed, surveys have shown that the greatest impediment to home ownership for prospective buyers is the down payment. However, many potential buyers have the false notion that a mortgage requires 20% of the home's purchase price paid up front. In reality, the median down payment in 2017 was only 10%, and many buyers paid even less than that!

The Average Homeowner's Equity Rose $13K in the Past Year

The numbers are in, and CoreLogic's Homeowner Equity Report proves that owning a home continues to be a great investment. In fact, U.S. homeowners with mortgages have seen their equity increase by a total of $766 billion since Q2 2016, working out to almost $13,000 per homeowner!

Mortgage Applications Increased Last Week, Despite Harvey

After several recent weekly decreases, the number of people applying for a mortgage rose by 3.3% last week, according to the Mortgage Bankers Association. Although mortgages for a home purchase rose slightly, most of the gains came from homeowners looking to take advantage of falling interest rates by refinancing their existing mortgage. The increases would have likely been larger if not for Hurricane Harvey's significant toll on the Texas housing market, one of the largest in the nation.