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For the majority of families that hope to buy a home at some point in the next 12 months, the shake up in the stock market seen over the last few weeks has appeared to have a minimal impact on their plans. About 70 percent of homebuyers have reported in a recent survey conducted by Redfin that volatility on Wall Street has not impacted their ability to afford a down payment. More tumult in recent days may change this.
According to the survey of more than 1,000 Redfin customers who plan to buy and/or sell a home within the next year, just 13 percent of respondents said their down payment funds were depleted by the stock market contractions.
Buyers have been caught between the rollercoasters of the stock market and the mortgage market. Rates hit a record low on March 9 but have climbed nearly 1.5 percent since.
Today, conforming no-point 30-year fixed mortgage rates averaging 4.5 percent and 15-year rates are near 3.875 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.