Even though things in the home mortgage market look rough right now, experts are stating that we may just turn the corner very soon. Although rates for home mortgages are starting to come down, the complete turnaround could take several months. Still, experts hold out hope that the home mortgage market has weathered the worst of the storm and that smooth sailing will soon be ahead. Only time will tell as to whether that optimism will be well placed. For consumers, the changes cannot occur quickly enough, especially for those that are in desperate need of a new home mortgage.
Oliver Gilmartin, senior economist at the Royal Institution of Chartered Surveyors, said, “Mortgage activity appears to be stabilising although the paltry level of activity is not supportive of a near-term pick-up in house prices.
“Few crumbs of comfort can be taken from recent signs that mortgage activity may have finally found a floor amid a backdrop of a stalling economy and expected rises in unemployment.”
The Council of Mortgage Lenders said: “The shortage of mortgage funding has limited activity across the mortgage market including the buy-to-let sector, which has a significant number of lenders that rely on wholesale funding.”
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