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Mortgage Lenders Easing Credit Standards

October 4th, 2017 · No Comments · Montecito Homes For Sale, Mortgage Information, Santa Barbara Homes For Sale, Santa Barbara Real Estate

More Mortgage Lenders are easing credit standards.  Shrinking demand and profits are causing more lenders to ease their mortgage underwriting standards in the wake of a highly competitive business environment.
A Fannie Mae report says that the number of lenders who report relaxing credit standards over the past three months has been steadily climbing since the end of 2016 and reached a three-and-a-half-year high in the third quarter. Lenders’ profits remained in the red for the fourth consecutive quarter, with increased competition from other lenders cited as the primary reason.

Easing lending standards could be a blessing for Americans who are on the verge of being able to qualify for today’s still low mortgage rates. Thirty-year, fixed-rate mortgages averaged 3.83 percent for the week ended Sept. 28, according to the latest numbers from Freddie Mac, unchanged from the previous week.  Santa Barbara Image by Technopanorama

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