Rates Continue to Slide This Week
Mortgage Rates Slide This Week, Borrowers for years have been able to take out mortgages with small down payments.
They can get mortgages with down payments as low as 3.5% through the Federal Housing Administration, and Fannie and Freddie Mac back loans with down payments as low as 3%.
No Savings? No Problem, Not sure how to afford a down payment to buy a home until this offbeat idea: crowdfund the money from friends and family.
A 28-year-old construction technician, set up an online profile with a program called HomeFundMe to solicit donations.
Mortgage rates were mostly in a holding pattern this week, but still eked out the first increase since early June.
Overall, mortgage rates this summer have been ping the past few weeks after sharp rises this spring. “A record number of people quit their job last month, most likely for a new opportunity with higher wages and better benefits,” says Sam Khater, Freddie Mac’s chief economist.
Freddie Mac reports the following national averages with mortgage rates for the week ending July 12:
“This positive trend, along with these lower mortgage rates, should increasingly give some previously priced-out prospective home buyers the financial wherewithal to resume their home search.”
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