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Demand in the Mortgage Industry is Causing Shifts

Shifts are rapidly occurring throughout the mortgage industry, thanks to a number of different demands. Mortgage rates are on the rise, while home price skyrocket and homeownership tend towards significantly longer durations. The assumptions of both lenders and borrowers have had to be set aside and a rebirth of the industry is currently being seen.

Limited Housing

One of the major players in this shift is the limited housing availability. For two years now there has been a significant lack of available homes for purchase – especially in large metro areas.

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How Will the Mortgage Industry Change in the Near Future

With President Trump taking office, there is some speculation that the mortgage industry is about to see some significant changes. Although mortgage rates are still low when compared to historic rates, they’ve climbed to over 4% for the first time in more than a year. Experts think the increases will continue for a few different reasons.

The First Spikes

Immediately after it was announced that Trump won the election, market rates spiked. This was actually surprising for many experts and analysts, who immediately began to rethink the future of the economy and different markets. On December 14, 2016, the Federal Reserve raised its interest rates by 0.25%. This was expected and even predicted by many finance experts since the rates hadn’t increased at all in nearly a year. In fact, this increase marked only the second Federal Reserve interest rate increase in the past 10 years.

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Mortgages Are Now Back on the Up and Up

The post-crisis housing market is in the midst of some major changes, and many of them are very positive in nature. Millennials are beginning to buy their first homes, and according to recent news, banks are starting to offer mortgage loans to their patrons.

What Put the Banks Out of the Business?

During the housing crisis, the government was very quick to dole out new regulations that hit banks pretty hard. What’s more, if you think about it, there wasn’t much profit in mortgage loans for banks in the first place. They essentially backed out of offering mortgages for two reasons. First, the government was the only buyer for the mortgages that the banks originated and wanted to sell. Second, banks simply didn’t want the hassle of regulations and the possibility of penalties when it came to products that didn’t really make them much money from the start.

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How the Mortgage Industry Has Changed Over the Years

The mortgage industry has seen its fair share of major changes since the Great Inflation that occurred back in the 1970s. In fact, that era essentially shaped the way our current mortgage system works. Though some of these changes have been a bit difficult, others have benefitted those who buy and sell homes or properties tremendously.

Before the Great Inflation

Before the Great Inflation that took hold in 1976, more than half of all of the mortgages in the country were originated by savings and loans. Mutual banks, commercial banks, and actual mortgage companies combined were responsible for the rest of the origination. There was no securitization, and the Federal Housing Administration only barely existed – it made for very little of the market. In these days, the success of the savings and loans depended heavily on interest rates. As long as they were stable, they could borrow deposits and lend in the form of mortgages, creating a solid business with steady income.

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The Mortgage Industry Is Increasing in Activity

Memphis, Tennessee is one of the most populous cities in the state. It’s a popular tourist destination and it offers a phenomenal job market to the locals. Perhaps that’s why Shelby County’s mortgage market has been steadily improving since the start of 2016. This activity is slated to continue throughout the rest of the year.

Increasing Purchase Volume

July represents the start of the first quarter of the fiscal year, and it got off to a strong start in Shelby County’s real estate industry, which reported more than $205 million in purchase activity. In July 2015, the county saw just a little over $196 million in activity. This is despite the fact that the total July volume was lower than June’s volume. What’s more, fewer mortgages were made in July 2016 as compared to July 2015. Nonetheless, increasing home values in the area continues to spur economic growth within the real estate industry.  

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Mortgage Industry Loosening Guidelines to Make Getting a Mortgage Easier

Mortgage lending

Numerous mortgage lenders have reduced their loan approval standards between October and December last year, which is why more home loans were approved during that period than during any other period in recent history. Feeling confident about the rising U.S. housing market has resulted in them making allowances for borrowers who have little to no home equity or who may have lower than average credit scores.

More Mortgage Approvals Issued by Banks

Each quarter, a survey is conducted by the Federal Reserve in which it asks its member banks about the current lending environment, and the survey covers multiple types of residential and commercial loans. The main purpose of this survey is to see what the demand is for bank loans and how willing the banks in question are to provide them to applicants.

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