Industry News

Real estate more costly than expected in West, South

Fixed-rate mortgages popular with recent buyers

About one in five U.S. adults who purchased a home within the last three years as their primary residence say they spent above their suggested price range, while two-thirds stayed within their price range and 12 percent were below their price range, according to a Wall Street Journal Online/Harris Interactive Personal Finance Poll. When obtaining a mortgage for their new home, recent home buyers who used a mortgage broker, direct lender or another source were nearly three times more likely to obtain a fixed-rate mortgage than an adjustable-rate mortgage, the poll also revealed, and one-third of respondents chose a creative or option mortgage. The online survey of 2,300 U.S. adults was conducted from Aug. 19-23 for The Wall Street Journal Online's Personal Journal Edition. About 29 percent of people who bought homes in the West within the last three years went above their suggested price range when purchasing their home, compared to 22 percent in the South, 12 percent in the Midwe...