The mortgage market has been increasing since this past summer. This last quarter of 2007 is much harder for new buyers to get mortgages as the requirements have been changed.  Last week I got an estimated for a 30 years fixed loan, the 1st mortgage with the interest rate of 7.25% with at least 10% down needed.

Unlike before, whereby buyers can easily get home loan with no money down, meaning no down payment is required to get a loan. They were given 2-3 loans, 1 primary and the others secondary loans.  Even buyers can get approval for poor credit remortgage as that was how the market was back then. 

Now it is preferable for the new borrower to have at least 10% down payment available before getting a pre-approval.  When you do get a mortgage, remember that it is recommended to also get the mortgage protection as your home is going to be your biggest investment in your life.