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“As interest rates rise in the coming year, you could see folks using more second-lien products," says an Urban Institute analyst.
The decrease is likely temporary, and rates will soon lift again with higher inflation, NAR says.
Lawmakers in support of the bill hope the offer will attract more young people to own a home in the state.
This marks the highest averages for 30-year fixed-rate mortgages since May 2019.
Rising home prices are prompting more borrowers to take out supersized home loans.
The financing giant is launching an automated way for lenders to assess a prospective borrowers’ income paid through direct deposits.
“The good news is that home prices should begin to normalize later in 2022 as more homes come on the market,” says NAR’s chief economist.
Mortgage rates continue to rise and are nearly a whole percentage point higher than a year ago.
Investors and move-up buyers will keep home sales humming, but inflation and other issues could be hurdles.
Following a month-long rise in mortgage rates, home shoppers saw some relief this week.
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