3/1/2024 0 Comments Youtube sente mortgage“I’ve got several pre-approvals out there where people just can’t find what they want and the rates are throwing them off,” Monsoon said. In this higher-rate environment, buyers can’t find homes, which, in an ironic turn, can lead to bidding wars in areas that are safe, have good school districts and have nice properties. The lack of inventory makes business even more difficult for loan officers, whose real estate agent referral partners simply don’t have many buyers ready to pull the trigger. Existing homeowners who locked in mortgage rates or refinanced to the 2.5% and 3% levels during the pandemic years also have no incentive to give up their low mortgage rates for a higher mortgage unless they absolutely have to. Rising rates will likely scare buyers away from the market, as it makes monthly mortgage payments less affordable, loan officers interviewed by HousingWire said. With the industry cooling down slower than expected, LOs are having to work harder and get creative to overcome the double whammy of surging rates and a lack of inventory. The combination of an economic uncertainty, high mortgage rates and persisting affordability challenges will further reduce purchase demand, which keeps Monson and thousands of loan officers up at night. “It’s almost like there was a false start,” Monson said. Monson had hoped for a “spring rush,” but recently, somebody turned the spigot back off. He was cautiously optimistic for a better 2023. There were leads, referrals and action in January, after people returned from holiday vacations and rates declined, said Don Monson, branch manager at Sente Mortgage. It felt like somebody turned on the spigot.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |