Millennials Leading the Way Millennials are increasingly entering the housing market as first-time buyers and are expected to lead the growth in new home buyers too, the National Association of Home Builders reports from its analysis of Census data. The overall homeownership rate of millennials is at 36 percent, which is the largest gains among all…
purchase
Mortgage Closings Keep Getting Quicker
The time it takes to close all loans (both purchase and refinance) fell to 42 days in April, down from 43 days in March and a substantial drop from the beginning of 2017 when the average was 51 days in January. Although refinances are still closing faster than purchases, purchase originations continue to rule the market. This past month, refis…
Homeownership Most Often Delayed By Downpayment Confusion
According to a survey by by Genworth Mortgage Insurance, misperceptions about downpayments are deterring what would be homeowners from purchasing their first home. They found that a majority of borrowers still believe that it is a requirement for purchasing a home. Even the many prospective borrowers who know that a 20 percent downpayment is not mandatory still think it would be difficult to…