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| Fixed-Rate Loans Gained Popularity in Late 2006 |
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(July 6, 2007) --
More home buyers avoided adjustable mortgages in the second half of 2006 in favor of fixed-rate loans, according to the Mortgage Bankers Association's (MBA's) Mortgage Originations Survey released this week.
The number of fixed-rate loans increased from 43.3 percent in the first half of 2006 to 46.2 in the second half.
First-time home buyers represented 26.9 percent of home purchases throughout 2006. Their average loan amount was $197,044. Non first-time home buyers borrowed an average of $228,547.
In the second half of 2006, 19.9 percent of loans were for single-family attached homes, 75.1 percent for single-family detached homes, 1 percent for manufactured and mobile homes and 4 percent for 2-4 unit structures.
Approximately 55.4 percent of single-family attached home originations were for condos or cooperatives, with the remainder for other single-family attached properties such as townhouses, duplexes and row houses.
– REALTOR® Magazine Online
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| Reprinted from REALTOR® Magazine Online (http://www.realtor.org/realtormag), July 6, 2007 with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright 2007. All rights reserved. |
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