Mortgage lenders see increased demand for new home purchases, reports Fannie Mae meldt

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Demand for home-buying mortgages has increased over the past three months, while demand for mortgage refinancing has fallen significantly, according to a report by Fannie Mae. (iStock)

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Despite the low housing stock and record high house values, the enthusiasm of home buyers remains high. Mortgage lenders have reported increased demand for home-purchase loans in the past three months, according to a report from Fannie Mae released last month.

Meanwhile, the demand for mortgage refinancing has fallen significantly since the 2020 boom – although historically low refinancing rates and skyrocketing equity make it a great time to refinance a mortgage.

Whether you’re looking for a new home or just want to save money on your current mortgage, it’s possible start the mortgage process on Credible. If you shop around for the best interest rate on a fixed-rate mortgage, you can save thousands over the life of your mortgage loan.

LOW PAYMENT MORTGAGE OPTIONS FOR FIRST HOME BUYERS

Soon more housing stock will flood the market, simplifying the home buying processproces

Home buyers face numerous challenges in today’s real estate market, due to high demand and low inventory. But demand in the housing market must cool down within the next few months, experts say, although house prices are likely to remain high. In addition, the current mortgage interest rate remains stable below 3%, so it’s smart to take out a mortgage while the rates are low.

Here are some tips for buyers awaiting an influx of housing stock:

  • Consider homes below your price range. Many homes sell for well above the asking price, so looking at the top of your purchase price range may not give you leeway if you have to make a competitive offer. Use a mortgage calculation to estimate your monthly payments.
  • Be flexible with your closing date. This is a way to set your offer apart from the rest without sacrificing typical contingencies like a home inspection or an offer well above the asking price.
  • Come prepared with a mortgage pre-approval letter. Getting pre-approved for a mortgage shows sellers that you’re serious and that they’re unlikely to consider an offer if you haven’t taken this step. Looking around for mortgages on Credible so you can start buying a home.

THIS IS WHY YOU SHOULD (OR NOT) REFINANCE YOUR MORTGAGE

It’s still a good time to refinance, despite falling demand

Mortgage lenders have reported that the demand for mortgage refinancing has declined, but this is not due to rising rates. today refinance prices remain near historic lows, hovering well below 3% for all loan lengths, based on data from Credible.

In addition to low refinancing rates, homeowners can take advantage of rising equity. The average homeowner has made more than $33,000 in equity in the past year, according to a recent consumer research from CoreLogic. This could make it possible to get a payout refinance for home improvements, while still being assured of a record low interest, which will save you money in the long run.

You can compare rates from multiple lenders by filling out a single form on Credible. This can simplify the mortgage experience so that you can achieve your financial goals.

HOW TO PAY YOUR MORTGAGE EARLY: 5 OF THE BEST OPTIONS TO DISCOVER

Mortgage lenders have relaxed their credit standards

The Fannie Mae report also found that the net share of lenders that eased their credit standards has risen since last year, meaning it may be easier for buyers or homeowners with fair credit to qualify for a mortgage or refinance product.

If you have considered buy a house or refinancing your mortgage, but you’ve put off due to concerns about your credit score, consider mortgage prequalification. This allows you to see your potential terms such as the amount borrowed and the interest. Getting prequalified for a home mortgage won’t affect your credit score, and it’s free.

You can see if you are a good candidate for a mortgage loan or transfer mortgage at Credible’s Online Loan Marketplace. While you’re there, estimate your monthly mortgage payments by a mortgage calculation to measure the affordability of a home.

HOW TO BUY INSURANCE FOR HOMEOWNERS?

Do you have a financial question, but don’t know who to ask it? Email The Credible Money Expert at: moneyexpert@credible.com and your question can be answered by Credible in our Money Expert column.

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