How the shutdown affects mortgages
Marketplace All-in-One
Marketplace
4.5 • 1.4K Ratings
🗓️ 29 September 2023
⏱️ 8 minutes
🧾️ Download transcript
Summary
As a government shutdown looms, mortgage rates have been rising. Those climbing rates have been chilling the housing market. We check in with lenders to see what mortgage demand is like. Then, to combat worker shortages, the Biden administration is releasing a worker training playbook. And later: The editor-in-chief of The Economist explains why she’s more concerned about the growing cost of U.S. debt than the shutdown.
Transcript
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| 0:00.0 | How the shutdown affects mortgages |
| 0:05.0 | For a marketplace, I'm Subri Benicor, infredated Bruncacio. |
| 0:08.5 | As a shutdown looms, anxiety has driven bond yields up. |
| 0:12.5 | Those yields are connected to long-term interest rates and mortgages. |
| 0:17.0 | It's one reason mortgage rates have been rising that in the Federal Reserve's fight against inflation. |
| 0:21.5 | Rising mortgage rates have in turn been chilling the housing market. |
| 0:25.5 | We learned this week the number of pending home sales fell more than 7 percent between July and August. |
| 0:31.5 | More than analysts were expecting. |
| 0:33.5 | But some in the housing business are already looking past the high rates of today |
| 0:37.5 | and anticipating a better tomorrow. |
| 0:39.5 | Marketplaces Justin Ho checked in with a few lenders. |
| 0:42.5 | Plenty of people want mortgages right now. |
| 0:45.5 | But rising rates restrict what they can afford. |
| 0:47.5 | Systematic Miartin, CEO of OptusBank in South Carolina. |
| 0:51.5 | A lot of borrowers that would have normally qualified for $500,000 a house are migrating towards $250,000 to $300,000 houses |
| 0:59.5 | because that's simply all they can qualify for. |
| 1:01.5 | So competition for those homes is heating up even more. |
| 1:05.5 | Chris Duncan, his senior loan officer at LaSalle State Bank in Illinois. |
| 1:08.5 | He says a lot of his customers are frustrated. |
| 1:11.5 | Customers who will come in and pre-qualified for a loan and they're waiting around, you know, 6, 8, 10 months |
| 1:17.5 | until a house comes on the market that they can buy. |
| 1:19.5 | Duncan says many home buyers are willing to borrow at today's rates because their betting rates will eventually fall. |
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