Mortgage applications for new-home purchases fell 9% on a monthly basis and 5.9% on a year-over-year basis in May, the Mortgage Bankers Association reported, citing its Builder Application Survey.
Homebuyers lucky enough to win a bidding war for a property are increasingly running headlong into appraisals that don’t match — or even come close to — the agreed sales price, leaving them with limited ways to close the sale.
“This is a sign that the competitive purchase market, driven by low housing inventory and high demand, is pushing prices higher and weighing down on activity.” — Mortgage Bankers Association Associate Vice President of Economic and Industry Forecasting Joel Kan
The new technology streamlines workflow in the mortgage industry.
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This means homebuyers will be able to borrow up to the new level without triggering higher interest rates.
Both the way appraisers approach their work and the adoption of AVMs and other technology-based valuations will likely see major changes in the coming years, according to experts.
Some homeowners worry that, after a few months of forbearance, they’ll be required to pay everything they owe upfront, in one lump sum.
Small business owners could help keep their businesses running through a combination of Paycheck Protection Program loans and private loans.
But beware of the busy times: Customer satisfaction rates drop when loan volume increases.