Summary:
Home-equity lending experienced significant growth in 2023, driven by numerous independent mortgage banks expanding their product offerings throughout the year. Despite facing a temporary setback in the third quarter due to a surge in mortgage rates exceeding 7%, the overall trend was positive for this segment of the mortgage industry.
Key Points:
– Home-equity lending witnessed strong growth in 2023, buoyed by independent mortgage banks expanding their product lines.
– A temporary hurdle arose in the third quarter when mortgage rates surged past 7%.
– Despite the rate hike, the overall trajectory for home-equity lending remained positive.
– Independent mortgage banks played a crucial role in driving growth and innovation within the home-equity lending sector.
– Increased competition among these banks led to the development of new product offerings.
– The surge in mortgage rates in the third quarter served as a temporary setback, but did not hinder the overall growth of home-equity lending throughout the year.
You can read this full article at: https://www.housingwire.com/articles/home-equity-lending-blossomed-in-2023/(subscription required)
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