Tight Underwriting Standards and Decreased Mortgage Availability Reduce Home Sales

Sep 21, 2023

Summary

The National Association of Realtors reports that this summer has seen the slowest home sales since 2009, with June sales down almost 20% from last year. The limited inventory options and higher interest rates are contributing to the sluggish market. Mortgage interest rates have risen to over 7%, the highest in a decade, and the availability of loans has decreased. This has led to lower profits for lenders and a decline in the Mortgage Credit Availability Index. The Federal Reserve's tighter bank capital requirements have also forced banks to reconsider their consumer loan options.

However, there is hope for potential homebuyers in the Denver area. Independent mortgage brokers like Rob Sturms of Rob's Mortgage Loans have more options available and lower overhead costs compared to larger corporate lenders. They can offer unique loan options and pass on savings to buyers, despite the higher interest rates. It is advised to work with an independent home loan originator to navigate the current housing market turmoil.

It is uncertain how long the housing market turmoil will last, so potential buyers should stay informed about mortgage interest rates. Rob's Mortgage Loans has been assisting Colorado residents since 1993 and aims to simplify the loan process for its clients.

Contact Information: Megan Glosson of Megan Glosson Freelance Writing is the press release contact. More information can be found on Rob's Mortgage Loans website.

Tight Underwriting Standards and Decreased Mortgage Availability Reduce Home Sales

Denver, Colorado, United States - September 21, 2023 —

Summer typically brings in big numbers for the real estate market, but that isn’t the case this year. In fact, the National Association of Realtors says this has been the slowest summer for home sales since since 2009. June home sales alone were down nearly 20% from last year, and over 3% lower than the previous month.

Although lower-than-average inventory options for buyers and the higher interest rates are the main contributing factors to this slow summer market, another issue for buyers is the availability of loans.

Mortgage interest rates have risen above 7% this summer, the highest they’ve been in over a decade. These rates, along with the limited availability of homes on the market, has translated to lower profits for many lenders. According to the Mortgage Bankers Association, this all has led to a decline in the Mortgage Credit Availability Index.

The Mortgage Credit Availability Index measures the overall accessibility of mortgage credit in the housing market. As this index reaches its lowest rate since 2013, more and more lenders are offering less loan options. Furthermore, the Federal Reserve’s tighter bank capital requirements have forced many banks to reconsider their consumer loan options.

However, not all hope is lost for potential homebuyers in and around the Denver area. You just need to find an experienced and knowledgeable independent home loan originator who has more options available than larger corporate lenders.

Rob Sturms, the Denver native behind Rob’s Mortgage Loans, is one such independent mortgage broker. Sturms and other independent brokers have lower overhead costs, choices of a variety of wholesale lenders, and the ability to explore unique loan options for each potential homeowner. These savings get passed directly on to you, meaning you can save money despite higher-than-average interest rates.

There’s no way to know how long the turmoil in the housing market will last. However, even firsttime homebuyers can benefit from working with an independent home loan originator. Also, keep an eye on mortgage interest rates, as they can change daily.

About Us: Since 1993, Rob's Mortgage Loans has helped hundreds of Colorado residents with home loan needs. You will get an honest, dependable, and highly competent mortgage broker when you work with Rob's Mortgage Loans. Rob works hard to make the loan process as simple as possible.

Contact Info:
Name: Megan Glosson
Email: Send Email
Organization: Megan Glosson Freelance Writing
Website: https://robsmortgageloans.com/

Release ID: 89108015

If there are any deficiencies, discrepancies, or concerns regarding the information presented in this press release, we kindly request that you promptly inform us by contacting [email protected]. Our dedicated team is committed to addressing any identified issues within 8 hours to guarantee the delivery of accurate and reliable content to our esteemed readers.

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