Mortgage Industry Adapts to Rising Interest Rates The U.S. mortgage industry is adapting to rising interest rates, transforming lending strategies, and borrower behaviors. This article explores the implications for lenders and borrowers, offering insights into new trends and strategies.

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First-Time Homebuyers Feel Pinch of Higher Mortgage Rates

Friday, Nov 11 2022
Lending
Written by  The Mortgage Leader

Soaring borrowing costs in the United States have pushed first-time homebuyers to spend potentially unaffordable amounts on mortgage. So reports Bloomberg.

arrow 2790272 640 585x585According to the National Association of Realtors, 37.8% of first-time homebuyers’ income went to mortgage payments in the third quarter, up one percentage point from 2Q.

The real estate industry organization recommends families spend no more than 25% of their monthly income on mortgage principal and interest.

Read the full article from Bloomberg.

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