Rising interest rates will kill off most of what remains of the refi market, but what about its effect on purchase borrowers?
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Hello, LOs!
Rising interest rates will kill off most of what remains of the refi market, but what about its effect on purchase borrowers?
Let's start with the obvious: It is arguably the worst time in history to buy a home given the historic inventory shortage, double-digit home price increases, the rise in mortgage rates from historic lows, bidding wars and the prevalence of cash buyers.
My assumption is that first-time homebuyers are the ones who will be edged out. They are less likely to have a big down payment saved up, be able to cover an appraisal gap, or win a bidding war.
It seems a little more complicated for buyers who already own a home. LOs – what impact has the rise in mortgage rates had on those buyers? Are they having to stretch their budgets? Tap funds they had not planned to dip into? Are you now doing jumbo mortgages for borrowers who recently fit into the Fannie-Freddie box? More rate lock extensions? Let me know by emailing me at jkleimann@housingwire.com.
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