Previous: Biden Says His Economics Team ‘Will Deliver Immediate Relief’ Next: What is Driving the Increase in Forbearance Activity? Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Faced with elevated home prices and stricter credit requirements, borrowers in Q3 placed, on average, higher down payments on their mortgage loans than ever before, according to Bloomberg.Citing a report from ATTOM Data Solutions, Bloomberg reports the median down payment for single-family residences was $20,775 in the third quarter. That, reported Bloomberg, is the highest in records going back to 2000, “up 69% from $12,325 a year earlier, before record-low mortgage rates kicked the housing boom into a higher gear.”During Q3, homebuyers placed down 6.6% of the median sales price of the home they were financing, which is 4.7% higher than last year’s third quarter. It also is the highest average down payment since 2018. Median Q3 loan amounts, $275,500, were the highest since 2000, up 24% from the same period in 2019.A source from ATTOM has attributed the increased down payments to increasingly rigorous credit standards.”Down payments are rising at a time when lenders are tightening their guidelines,” said Todd Teta, Chief Product Officer at ATTOM Data Solutions. “Lenders have grown more cautious in order to protect themselves from more delinquencies.”Referring to a Freddie Mac report from late November, Bloomberg reported that mortgage companies are “raking in cash in the midst of the pandemic, earning hefty margins while consumers flood in to buy homes or refinance existing loans to take advantage of record-low mortgage rates. The average for a 30-year, fixed loan tumbled to 2.72% this week, the lowest in data going back almost 50 years.”Bloomberg reporters Prashant Gopal and Shahien Nasiripour deduce: “It’s no wonder that lenders have gotten pickier than they have been in decades … lenders including JPMorgan Chase & Co. have tightened terms for borrowers amid widespread worry about future economic growth.”They cite, for example, the fact that JPMorgan in early November told loan officers that it would “limit jumbo loans to 70% of the sale price for most co-ops and condominiums in Manhattan.”In Q3, report Gopal and Nasiripour, the average borrower had a 786 credit score—that is the highest median score since 1999. They added that last month saw the highest mortgage origination numbers since 2003 (citing the Fed). Related Articles Home / Daily Dose / Credit Scores and Down Payments Reach All-Time Highs About Author: Christina Hughes Babb Print This Post Share Save Demand Propels Home Prices Upward 2 days ago Credit Scores and Down Payments Reach All-Time Highs Servicers Navigate the Post-Pandemic World 2 days ago Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, News Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: Credit Scores Down Payment Data Provider Black Knight to Acquire Top of Mind 2 days ago Credit Scores Down Payment 2020-11-30 Christina Hughes Babb November 30, 2020 13,082 Views The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Subscribe
Ahly have informed Morocco’s Moghreb Tetouan that the second leg of the CAF Champions League round of 16 will be held on 2 May at PetroSport stadium in Cairo.The record holders of eight African trophies have received confirmation from the security authorities despite safety concerns.The first leg will be held on 19 April in Tetouan.Their arch-rivals, Zamalek, will also host Moroccan team FUS Rabat in the round of 16 of the continent’s secondary tournament, the CAF Cup, on 19 April.”Security disapproved hosting the game in Cairo,” Zamalek official Ismail Yusuf told Ahram Sports and “the game will be held at Suez stadium instead.”Egyptian football is highly influenced by the security situation after 20 Zamalek fans died in February when police used teargas to prevent them from attending a league game against ENPPI.