Fewer homeowners have upside-down mortgage

Fewer homeowners have upside-down mortgage

Fewer homeowners have upside-down mortgage
Rising home values across the U.S. proved to be curative for homeowners who were previously underwater. According to a new report from ATTOM, just four percent of mortgaged homes in the U.S. were considered seriously underwater, meaning the homeowner owes at least 25 percent more than the home’s value.

Meanwhile, the number of homes that are considered “equity rich”, meaning they have market values that are at least double the outstanding mortgage balance is growing. There were 4.2 million homeowners who were equity rich as of July 1, more than a third of all mortgaged homes nationwide.

The housing boom has resulted in a nearly 34 percent decrease in the number of underwater properties in the U.S.

Today, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.00 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.