Despite fluctuations in the housing market, some loan originators (LOs) have observed increased business volumes this year. Chicago's Benjamin Cohen noted a 36% year-over-year rise, largely attributed to the continuing necessity for families to move, even with current mortgage rates around 6.8% to 7%. Although refinances decreased slightly, the overall refinance activity remains significantly elevated compared to the previous year. Mortgage rates have shown minor fluctuations, yet consumer needs for affordable housing and suitable down payment options continue to drive decisions in this shifting landscape.
Some top LOs have also observed an increase in volume this year, despite volatility in the market.
Cohen usually emphasizes borrower needs, including home prices that are affordable, down payment capacity and monthly spending comfort.
The refinance share of mortgage activity rose to 35.2% of total applications, up from 34.6% the previous week.
Mortgage rates have hovered between 6.8% and 7% since April.
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