Each week, there are dozens of new articles discussing the latest news in mortgages, refinancing and home buying. To help you stay informed, here is a list of three mortgage trends to look out for this week:
1. Home Ownership Rates: Home ownership rates have remained historically low due to economic pressures, but recent data shows that this trend may be changing. Factors such as low mortgage rates, improving job prospects and an increase in millennial homeownership are contributing to the rise.
2. Non-QM Lending: The demand for non-qualified mortgage (non-QM) lending has increased significantly over the past few years due to the rise in alternative loan products. Non-QM loans can offer borrowers more options and flexibility when it comes to financing their homes.
3. Digitization: It's no secret that technology has been transforming the real estate industry—and mortgage lenders, brokers and bankers are no exception. In recent years, more lenders are embracing digitization and automation to streamline their processes.
The mortgage sector is an ever-changing landscape, so staying ahead of trends is critical for success. By reading about the current trends each week, you can make sure that your business is always up to date and prepared for the future.
Recent trends in the mortgage sector suggest that home ownership rates are rising, non-QM loans are becoming increasingly popular, and digitization is transforming the entire industry. Homeownership rates are on the rise due to favorable economic conditions, such as low mortgage rates, improving job prospects, and an increase in millennial homeownership. Additionally, the demand for non-qualified mortgage lending has grown significantly, giving borrowers more options and flexibility when it comes to financing their homes. Finally, the sector is being modernized through digitization and automation, streamlining processes and creating a better customer experience.
Overall, it is essential for mortgage lenders and brokers to keep track of the latest trends in order to remain competitive and successful. Understanding the current state of the sector can help them formulate a strategy that will help them stay ahead of the curve. By considering the above trends, lenders and brokers can better evaluate the current state of the market and make informed decisions that will maximize their success.
This article was contributed on Nov 25, 2023