What High Mortgage Rates Did to The Housing Market
High mortgage rates chewed up and spit out homebuyers, loan officers, and the mortgage industry. With a bump of a few percentage points, buyers exited the market quickly, and the number of mortgages got cut in half almost instantly. But what else can you expect from the most significant mortgage rate movement in forty years? Now, nearly a year after mortgage rates took their initial hike, there may be some hope on the horizon that we’re returning to better days for both buyers and sellers.
But who better to ask about mortgages than the President of Rocket Mortgage, Tim Birkmeier? Tim has been in the mortgage industry for over two decades, working his way up from loan officer to president, helping turn Rocket Mortgage from a regional company into America’s largest mortgage lender. He knows loans inside and out and has some predictions on how loans could change over the next few years.
Tim touches on why FHA loans are seeing a comeback (especially as their fees get cut), why HELOCs are in an equity-based revival, and how to “lock in” your mortgage rate so you don’t get stuck buying when basis points jump up. So if you’re itching to get back in the real estate game but don’t know how long high mortgage rates will last, stick around! Tim has answers only an industry-leading expert would know.
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Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.