With homes growing more and more unaffordable, it's not surprising that a recent survey found a majority of Americans are feeling burdened by mounting debt. In a new survey by LendingTree, nearly 60 percent of respondents feel encumbered by debt in 2020, with 12.4 percent most concerned about their mortgages.
Credit card was the primary source of worry when those considering their debt with 36.7 percent of respondents feeling it is the most burdensome. When thinking about their mortgage debt, many Americans feel that while it is their largest balance by far, they consider it “good debt” and that taking on a home purchase could ultimately benefit them in the future.
As the job market remains robust and wages grow, debt-to-income ratios have declined. The average DTI for homeowners with conventional loans was 36 percent as of Q3 2019, down one percent from the same period the year before.
Today, conforming no-point 30-year fixed mortgage rates are averaging 3.5 percent and 15-year rates are near 3.0 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.