It Just Got Tougher to Qualify for a Home Loan

Homebuyers are facing a lot of headwinds right now due to soaring mortgage interest rates but also because it just got harder to get approved for a home loan. This is because credit availability for home loans has now declined for the 7th consecutive month and dropped to the lowest levels since March 2013.

Meanwhile home buyer demand is dwindling and this is causing bidding wars to wane per a report from Redfin.

Mortgage interest rates skyrocketed to 7.14% on 10/11/22. This is a whopping 209bps increase (or 2.09 percentage points) since August 1st of this year. This alone is a ~20% dip in buyer’s purchasing power which is causing home buyer demand to decrease greatly.

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Compilation of Housing Market Forecast videos:
https://youtube.com/playlist?list=PLiQQpOejscIcBF1Jw2zG6Uvg7qDav_oGi

Source of article I discussed:
https://www.mba.org/news-and-research/newsroom/news/2022/10/11/mortgage-credit-availability-decreased-in-september

https://www.redfin.com/news/real-estate-bidding-wars-august-2022/

To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 7.14% for the current mortgage rates (at the time of filming this video for those with excellent credit).

Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?

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Jason Walter, CPA (lic 103885)
Sacramento real estate agent and native
Realty ONE Group Complete (DRE 01923240)
jason@meetjasonwalter.com

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Disclaimer:
Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.

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#housingmarket #homeloan #mortgagerates

Видео It Just Got Tougher to Qualify for a Home Loan канала Jason Walter