Bill Rapp here with the Heartfelt and Hot in Houston Blog, and this is our newest segment: Harder to get a mortgage?
Mortgage rates have fallen back to recent lows, and though homebuyers aren’t exactly banging on the doors during the spring housing market amid the coronavirus crisis, there are some hardy ones out there in the hunt. And there are still plenty of current homeowners who could save money through a refinance. Unfortunately both types of loans are now harder to get as the mortgage market is badly battered on several fronts due to the impact of the pandemic on the economy and employment.
Mortgage credit availability in March fell to the lowest level in five years, according to a survey by the Mortgage Bankers Association. Lenders cite a large drop in liquidity, as investors in jumbo mortgage-backed bonds pull back. Jumbo loans are those valued above the conforming loan limit of $510,400.
The inspiration for today’s edition came from this original article: https://www.cnbc.com/2020/04/13/coronavirus-why-its-suddenly-much-harder-to-get-a-mortgage-or-even-refinance.html
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