5 mortgage facts you should know

1. The average U.S. household had $171,775 in mortgage debt in the first quarter of 2016.

2. Based on affordability, availability of mortgages, and housing market stability, Oklahoma City, Oklahoma, is the best city for first-time homebuyers, with a median home price of $148,300, an average price per square foot of $78 and a loan funding ratio of 75% (compared to the national average of 69%).

3. Between January and June 2016, the rates on 30-year mortgages dropped 0.56%. On a $300,000 mortgage, that adds up to a saving of $100 per month.

4. In the second quarter of 2016, total U.S. mortgage debt amounted to $8.36 trillion (up $246 billion from 2015).

5. American households are expected to save over $5 billion by refinancing between now and the end of the year. Check out AmeriValue to see how much you can save by refinancing.


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This article was provided by our partners at moneytips.com.

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