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Still, home-purchase applications are 18% lower than a year ago, according to the Mortgage Bankers Association.
Improvements in consumer education around this type of loan are necessary, as many are unaware of their options, say the authors of a new study.
Low borrowing costs continue to help buyers with affordability, especially as the median home price surges to a new record high of $350,300.
Though low rates have contributed to high buyer demand, affordability is holding the market back, according to Freddie Mac.
It takes an average of 96 days for a person’s credit score to recover after taking out this type of loan.
A new policy removes some barriers for borrowers with student loan debt who are trying to qualify for a federally insured mortgage.
Higher home prices are having a “significant impact” on housing affordability, according to a new NAR report.
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