Most U.S. homebuyers confused about mortgage process: survey

Many respondents reported having difficulties understanding the mortgage application process and figuring out lending requirements, rather than having problems with home buying.

"Over the past few years, a lot of buyers have had a hard time not only getting along, but getting through the process," said Sue Stewart, senior vice president of Move, Inc., which operates "This survey is a wakeup call and clearly points to the fact that borrowers want a process that's easy to understand and follow."

But the survey also said 67.7% of recent buyers that participated in the survey had been able to put down less than 20% of the purchase price.

Also this week in the U.S., it was reported that the average rate on a 30-year mortgage had climbed beyond 5% this week, reaching the highest level in nine months.

The average 30-year home loan rate went from 4.17% in November to 5.05%, according to Freddie Mac.a

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