Mortgage rates play a crucial role in the numbers of home loans disbursed by lenders across the nation. Even a slight increase in these rates has a profound impact on the number of people applying for mortgage loans. This is because any increase in interest rates increases EMI’s and the total amount of money the borrower repays to the lender in the long run. Increasing mortgage rates has a deep impact on the real estate industry in the long run.
Los Angeles has recorded a sharp decline in home loan originations
After hovering around the 4% mark for a long time until August 2017, mortgage rates across the nation crawled upwards and reached a level of around 4.5% in August 2018. According to Freddie Mac, these are the average mortgage rates given
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