Down payments and financial constraints play a big part in shaping housing
demand,
particularly among lower-income home buyers, according to a study by
the Federal Reserve Bank of New York. But low mortgage rates don't
influence buyers to make a move as much as mortgage qualification
requirements do, the study finds. Mortgage Rates Decline for Third Consecutive Week Showing
average fixed mortgage rates falling for the third consecutive week.
Averaging 3.66 percent, the 30-year fixed-rate mortgage is at its lowest
level since the week ending Researchers
asked home owners how much they were willing to pay for a home
comparable to their current one, using several financing scenarios, such
as different down-payment constraints, mortgage rates, and non-housing
wealth, read more.
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