Orla McCaffrey
speaker
593 appearances
13 recordings
1 series
first heard Mar 2020
last heard Jun 2022
Orla McCaffrey’s voice in public audio — every appearance, attributed to the second.
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Appearances
Prices are up 20% year over year, according to the latest data.
And just that coupled with rising mortgage rates and the lack of homes on the market, it's going to keep demand very strong for a long time.
Thanks for having me.
Some lenders are easing minimum credit scores and allowing borrowers to take out larger loans relative to the value of the homes they're buying.
That's helpful because new loan types can allow for bigger loans or lower upfront payments.
Mortgage rates as of the last reading are 4.67%.
So really within sight of 5% for the first time in basically four years, which is crazy to think because they were low threes, high twos just at the end of 2021.
So overall, industry-wide, volume is down compared to the last two years, which were definitely a boom in the mortgage industry.
And that's because refinance volumes have been driven down by high rates.
But the important thing is there's still plenty of demand for purchase homes.
Everyone wants to buy a house because rates are still historically low and rents are rising anyway.
And a lot of Americans are placing more value on homes, right?
Because for a lot of people, it's their primary workspace now, too.
Yes, that's probably, if you ask almost anyone at any end of the housing market, whether it's an economist who looks at trends, whether it's a real estate agent, whether it's somebody just trying to be a first-time homebuyer, low inventory is the big problem.
I think the latest reading was at the current sales pace, there's 1.6 months of supply left on the market, which is
just a record low and that just increases competition for what would have been considered really not desirable homes just a couple of years ago.
And that's really what's driving up prices so much.
Some lenders are easing minimum credit scores and allowing borrowers to take out larger loans relative to the value of the homes they're buying.
So that's helpful because new loan types can allow for bigger loans or lower upfront payments.
And that extends consumers' purchasing power and can cushion the impact of the large price increases we've seen over the past two years.
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