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...House prices are “close to the bottom in many places and recovering in a lot of places”, said Tomasz Wieladek, economist at investment company T Rowe Price....
...Any cuts will be fairly marginal, but it looks increasingly like borrowers won’t have to wait long before mortgage rates begin falling more meaningfully,” he said....
...“Some people who could have chosen a lifetime mortgage now can’t because they don’t have enough equity.”...
...One perspective is that the UK just got lucky: 2012–2013’s mortgage market wouldn’t have weathered the post-pandemic rate cycle anywhere near as smoothly as 2022–23’s mortgage market did....
...unfortunately causing them to fall into arrears as they simply can’t afford to keep up with their increased payments.”...
...So really useful if you’ve got a fixed-rate mortgage on a good rate. Now in Crystal’s case, she’s done this and she’s got two mortgages on her home, but the deals don’t expire at the same time....
...Its price to book value of nearly 3 times trumps that for mortgage-heavy Wall Street banks like JPMorgan, Bank of America and Wells Fargo. But Rocket doesn’t have appreciably higher return on equity....
...“All of the data suggests a recovery in the housing market in 2024,” said Tomasz Wieladek, chief European economist at investment company T Rowe Price....
...The MP for Mid Norfolk explained his rationale for resigning: “Because my mortgage rises this month from £800 [per calendar month] to £2,000, which I simply couldn’t afford to pay on a ministerial salary...
...“It doesn’t take very much movement in the market for the lender to go underwater and actually be losing money....
...For Tomasz Wieladek, chief European economist at T Rowe Price, this reflects rising real wages “as higher household disposable income means consumers need to rely less on credit for their consumption”....
...Neal Hudson, housing market analyst at Residential Analysts, said: “There would be a greater risk of negative equity obviously with this, you’d also be paying a premium mortgage rate, and it doesn’t necessarily...
...I’ve never been this old and won’t be this young again. Surely repaying the mortgages before I retire has to be the goal? For previous generations, a mortgage was something younger people had....
...So, if a friend says they know a really great mortgage broker, by all means take their number — but until you’ve done your own due diligence, don’t take them at their word....
...didn’t contract again in Q4”....
...For now, falling mortgage rates are encouraging buyers who couldn’t afford a move for most of last year, or didn’t feel it was worth it....
...We can’t afford a holiday this year, despite having a joint household income of £165,000.”...
...“This is very rare, so we don’t expect these rates to be around for long.”...
...“Even though house prices are modestly lower and incomes have been rising strongly, at least in cash terms, this hasn’t been enough to offset the impact of higher mortgage rates,” said Robert Gardner, Nationwide...
...The way she sees it, she can always refinance when mortgage rates fall, “but there won’t be another chance to get a unit like this.”...
...It hasn’t worked out that way. At least, not yet....
...“For anyone buying and securing a mortgage: don’t expect the best rates to fall from where they are now,” he said....
...“I don’t see any improvement until there is a change of government . . . We factor that into how we manage the business.”...
...“High mortgage rates are creating a real void for people who don’t have the strong finances that are required to buy in cash,” she said in an interview with the Financial Times....
...The bill could soon come due for mortgages on commercial properties whose valuations have taken a dive since Covid-19....
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