Mortgage lenders, expect your closing rate to decline over the next year

Capital Economics | April 01, 2019

Mortgage lenders, expect your closing rate to decline over the next year
The closing rate for purchase mortgages recently hit a record high, but analysts at Capital Economics warn lenders that this trend is unlikely to continue. Why? Blame a slowing economy. Most often, mortgage applications are rejected because the borrower’s credit score is too low, their debt-to-income ratio is too high, or the lender does not think the house supports the purchase price. Capital Economics said the high closing rate as of late is likely related to the fact that borrower credit scores have improved and DTIs have lowered, which would make sense given the strong economy and labor market.

Spotlight

It’s not uncommon to hear of friends, family and neighbors packing up and heading to a second home in warmer states during the winter months. After all, many parts of the country experience brutally long bouts of cold and snowy weather.

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Spotlight

It’s not uncommon to hear of friends, family and neighbors packing up and heading to a second home in warmer states during the winter months. After all, many parts of the country experience brutally long bouts of cold and snowy weather.