Recent trends indicate a rebound in the mortgage market, spurred by a 60% growth in applications, primarily for purchases and refinancing. Many consumers now feel it's a good time to buy due to recent drops in interest rates, despite still being higher than prior lows. Experts note that move-up buyers, who are transitioning from first-time buyer status and holding significant equity, are driving market activity. Additionally, external factors like regional price reductions and economic uncertainty are influencing consumer behavior positively toward home buying and refinancing.
I think the consolidation of loan originators is part of it. I think the move-up buyer is driving the market, meaning a former first-time home buyer now has significant equity.
It's becoming a buyer's market here, and that's kind of transpired ever since the kind of hurricane action in September.
I think people realize that what was potentially going to be a booming economy has sort of muddied, I'd say, by tariffs.
The refinance market is gonna continue to increase because you've got people paying high credit card debt.
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