In the current mortgage market, loan originators are seeing a decrease in the number of move-up buyers. As traditional buyers, typically consisting of recent homeowners, have been unable to take advantage of historically low mortgage rates, loan originators have had to pivot their focus to first-time homebuyers. However, the current higher than average mortgage rates (approaching 8%) has caused associated increased risk.
In order to mitigate this risk, loan originators have been supporting first-time buyers by way of FHA, VA loans and down payment assistance programs. By leveraging these methods, loan originators are able to adapt to the current market environment, which has been volatile at best.
Main Points:
• Loan originators are seeing a decrease in move-up buyers as mortgage rates approach 8%
• Loan originators are focusing on first-time homebuyers by leveraging FHA, VA loan and down payment assistance programs
• Utilizing these means allows loan originators to adapt to the current volatile market environment
You can read this full article at: https://www.housingwire.com/articles/as-mortgage-rates-near-8-loan-originators-target-first-time-homebuyers/(subscription required)
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