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    Home»News»More Competition, Lower Demand in Housing for Q2
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    More Competition, Lower Demand in Housing for Q2

    Tech AdminBy Tech AdminJuly 12, 2017No Comments2 Mins Read
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    Lenders have observed that there are lesser Americans now who are interested in purchasing a home compared to the previous quarters. This prompted many of them to ease their mortgage credit, as reflected in Fannie Mae’s Q2 2017 Mortgage Lender Sentiment Survey.

    Per the report, the number of lenders who have slackened on their credit standards in the past few months slightly rose compared to the previous quarter of last year.

    Lenders report survey-high expectations on easing credit as growth in both purchase and refinance mortgage demands decline.

    Despite the decent increase in absolute percentage, forecast on easing credit for both government and GSE-eligible mortgages are now at new highs.

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    Other highlights

      • Other cited factors to this forecast include the diminishing compliance concerns and more support from the GSEs.
      • Purchase demand for all loan types all declined over the prior three months.
      • Lenders also reported a decline in refi demands.
      • They, however, still remain relatively optimistic that the demand will get back on track in the coming months.
      • And there’s a decline in the number of lenders who reported a negative profit margin outlook since the last quarter of the year prior. The main reason cited for this decline is the competition from other lenders.

    Loosened credit standards and qualifications will adjust the permeability of loan approvals for borrowers. If you are looking to purchase or refinance, applying now could be in your favor, given that mortgage ratesstill hover within historic-low range.

    Once lenders loosen their standards, easily accessible credit can give potential buyers or refinancers who are discouraged by glitches in their credit some new hope for getting approved on their home loans.

    The Survey

    The Mortgage Lender Sentiment Survey collects data from senior mortgage executives quarterly with the purpose of evaluating collective sentiment, views, and outlooks on various aspects of the market.

    Find a lender today.

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