How are homebuyers viewing the current mortgage market?

“I
would
say
that
there
is

still
some
unease
because
of
rates
fluctuating,”
she
said.
“I
think
when
we
kind
of
settle
into
a
range,
then
it’s
like,
‘OK,
this
is
the
new
normal
–
this
is
what
we’re
doing.’
But
weeks
like
this
week,
when
it
goes
a
little
bonkers,
really
rattle
everyone
–
not
just
the
buyers,
but
the
lenders,
which
will
trickle
out
to
buyers
and
realtors.”

That’s
not
to
say
homebuyers
have
flocked
away
from
the
market,
with

activity
still
robust
and
plenty
of
interest
in
listed
properties.
But
high
rates
and
elevated
borrowing
costs
mean
some
prospective
buyers
are
disillusioned
with
the
type
of
home
they’re
currently
qualifying
for.

“Some
people
want
to
buy
a
house
and
it’s
like,
‘Oh
man,
that’s
the
payment,
that’s
the
rate,’
and
even
if
they
qualify
for
it,
there’s
kind
of
this
disconnect
of,
‘I’m
spending
this
much
–
I
feel
like
I
should
be
getting
more
for
it,’”
Richardson
said.

“And
so
we
see
a
longer
sales
cycle
or
people
fall
off.
They
disqualify
themselves
because
they’re
like,
‘I
thought
I
was
ready,
but
not
at
that
price.’
Homes
are
still
moving
–
but
I
think
there’s
some
balance
because
sellers
know
that
people
aren’t
just
completely
[convinced]
because
of
the
affordability
pauses
or
questions.”

Despite
the
absence
of
anticipated
drops
in
mortgage
rates
in
2024,
Melissa
Cohn
from
William
Raveis
Mortgage
suggests
that
buyers
are
adjusting
to
the “new
normal”
of
rates
around
6.5%.https://t.co/xSYYujTaAh#mortgageindustry

#mortgagerates

#houseprices

#borrowers

—
Mortgage
Professional
America
Magazine
(@MPAMagazineUS)

April
10,
2024

Why
borrowers
should
act
early
to
optimize
their
homebuying
plans

Richardson
said
her
current
advice
to
clients
is
focused
on
the
need
to
start
earlier
than
they
think
they
should
in
getting
their
homebuying
plans
in
place,
an
approach
that
emphasizes
being
proactive
rather
than
reactive.