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Residential Mortgage Industry Report - Fall 2022 Edition
In this Fall 2022 edition, we find the following:
Recent mortgage market trends
- Mortgage growth slowed down as interest rates hiked in the second quarter of 2022.
- Mortgage consumers are increasingly turning back to fixed rates as interest rates rapidly increase and the discount on variable interest rates vanishes.
- Declining ratios of mortgage loan approvals to applications show it is increasingly difficult for potential borrowers to get qualified for loans subject to the stress test.
- The share of mortgages in arrears (i.e. delinquent for 90 days or more) have continued to trend downwards across all types of lenders.
Housing Finance Research at-a-glance
- In the third quarter of 2022, consumers without a mortgage registered notable delinquency rate increases in auto loans and credit cards.
- Mortgage lending growth by alternative lenders outpaces conventional lenders. Their portfolio metrics indicate a decreasing risk profile.
- Mortgage borrowers in the alternative lending space are more likely to renew their loans as it becomes harder to qualify with traditional lenders.