First Time Buyers Still Seeing Higher Mortgage Payments

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First Time Buyers Still Seeing Higher Mortgage Payments

Jun, 21st 2017

Only slight move in percentage of equity paid by new home owners

First the good news: down payments among first-time homebuyers are getting slightly bigger.

Now the not-so-good news: that’s not saying much.

In 2009, when the National Association of Realtors started tracking such data in its monthly Realtors Confidence Index, nearly three-quarters of first-timers made down payments of between 0% and 6% of the purchase price. In February, only 65% did.

By that metric, any down payment not in the 0-6% range is bigger, and therefore probably better both for the system and for most individual buyers. But just barely: the median among first-timers in 2016 was 6%, according to separate data NAR tracks. Among all buyers, the median is 10%.

Also read: Down payments are half what they...

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