AGP Executive Report
Last update: 33 minutes agoMortgage Rates: Rates have edged down for a second week, reaching a one-month low and offering buyers some relief, though affordability remains a hurdle. Market Trends: Home prices rose in 78% of U.S. metro areas in the third quarter, even as high costs keep many buyers on the sidelines. First-Time Buyers: In New Zealand, first-home buyers made a record 29.5% of purchases in the third quarter; their median purchase price was NZ$715,000, and more than three-quarters bought standalone homes. Longer Loans: Canadian mortgage brokers are urging lawmakers to allow 40-year amortizations to lower monthly payments, but critics warn borrowers would pay more interest and build equity more slowly. Down-Payment Help: Philadelphia is planning a city-backed mortgage offering rates one percentage point below market, down payments capped at 3% and no private mortgage insurance for eligible buyers.
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