Purchase-mortgage lending, like virtually every other component of the home-loan market, was down in the first quarter of 2018. But first-time buyers continued to fight the challenges of rising house prices, higher interest rates and depleted inventory, according to a new Inside Mortgage Finance analysis of agency mortgage-backed securities data. [Includes four data charts.]
The number of homes sold to first-time homebuyers fell in the first quarter of 2018, indicating that the market’s rapid growth in recent years may be over and that slower production with occasional pullbacks may be expected in the future, according to Genworth Mortgage Insurance.
The mortgage industry isn’t fully prepared to accept borrowers with income from the so-called gig economy, according to a survey by Fannie Mae. Nearly every mortgage executive surveyed reported that such income is difficult to approve when considering a loan application.
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