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October 2016 Archives

Rising mortgage rates scare consumers

Delaware residents may have noticed the rise in interest rates, which is discouraging consumers from applying for mortgages. In fact, as the first week of October ended, there were 6 percent fewer mortgage applications around the country than the prior week, as reported by the Mortgage Bankers Association. The increased interest rates also affected the number of rate-sensitive home refinancing loan applications, which dropped 8 percent during the same week.

Some banks are getting back into mortgage lending

Near the end of September 2016, the Urban Institute revealed that improving bank conditions could also lead to changes in the housing market. Following the 2008 financial crisis, numerous banks stopped originating mortgage loans because of increased regulatory scrutiny and low profit margins. The Urban Institute's assessments suggest that this may be changing, which could prove advantageous for Delaware residents who are looking to purchase a home.