Mortgage trends are in: go buy a home

According to the new Genworth International Mortgage Trends Report, conducted by the independent research firm RFI, nearly two-thirds of Americans are optimistic about purchasing a new home, much higher than residents in other countries.

Obstacles reportedly holding potential buyers back from purchasing include the local economic outlook, uncertainty about future employment, and concerns of property affordability. Yet, 87 percent of Americans who bought their first homes this past year expect to pay their mortgage payments on time in the upcoming year.

In the United States, 88 percent of respondents said private mortgage insurance aids to a home purchase with a smaller down payment, and 60 percent said it speeds up the home buying process.

President of Genworth Mortgage Insurance Kevin Schneider hopes this study will inspire state and federal lawmakers to help foster responsible home ownership through the development of a qualified residential mortgage rule to strengthen underwriting standards but help Americans with good credit find a home.

The report found that while many results varied across the countries, austerity measures and natural disasters have hurt consumer confidence in many countries. Also, affordability of either homes or living was a main cause for first time home buyers to hold off on home ownership internationally.  

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