A slowdown in refinances and purchase mortgage loans drove overall applications down this week, according to the Weekly Mortgage Applications Survey from the Mortgage Bankers Association.
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The time to purchase a home is now, as lenders are loosening mortgage guidelines and the average down payment decreases. According to a report released today by LendingTree, an online loan marketplace, down payment percentages for conventional 30-year fixed rate purchase mortgages dropped from 17.59 percent in the fourth quarter of 2014 to an average of 16.98 percent for the first quarter of 2015.
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