A new study released Monday by Bankrate, Inc. shows that, even with home prices sliding and mortgage rates now the lowest they’ve been in decades, the vast majority of Americans are content with their home purchases.
Just 9 percent of homeowners answered “yes” to the question. Among those who regret buying their homes, the most common reasons cited were because they cannot sell their home and move on under current market conditions, as well as those who say they regret their purchase since they can’t afford their monthly mortgage payments.
Greg McBride, senior financial analyst for Bankrate.com, called the survey results “surprising” and “reassuring.”
The study also found that only eight percent of Americans don’t know what type of mortgage loan they have. That stat compares to 26 percent who couldn’t pinpoint their loan type in a Bankrate poll commissioned two years ago.
“[A]ll the nasty headlines in the past two years have really moved the needle in terms of mortgage awareness, with a significant drop in the percentage of borrowers who don’t know what type of mortgage they have,” McBride said.
Bankrate also noted that its study revealed a rise in the popularity of fixed-rate mortgages, with 79 percent of those polled saying they have a fixed-rate home loan.
Wealthier Americans most overwhelmingly favored fixed-rate mortgages, according to Bankrate, with almost 90 percent of those polled who make over $75,000 answering that their home was paid for with a fixed-rate loan.
Article by DSNews.com.
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