Low Downpayment Mortgage Fails to Lure Buyers

Irvine, CA, Feb. 19, 2015 -- The 3% downpayment mortgage wasn't very popular last year, according to real estate tracking firm RealtyTrac.

The firm said that the mortgage, which made up 25% of all house loans, was at its lowest level in the last 10 years. That was down from 27% the previous year and down from the average of 33% over the last 11 years.

The low downpayment loans appeal mostly to first-time buyers.