Well, with the recent spike in interest rates refinances have plummeted. In fact, large banks like Chase and Wells Fargo are reporting that their earnings from refinances have dropped significantly in recent months. Some experts say that to make up for this lost revenue, many banks may start extending credit to a larger pool of buyers, allowing them to originate more mortgages.
So, if you are someone who’s been on the borderline of being able to qualify for a mortgage, keep your eye out. Mortgage lending requirements change often and if they loosen just a tad, that might allow you to get into the mix!
The background information for this was obtained from Inman News. See their article by clicking here.