 Best Rate Referrals Publishes Latest Data That Uncovers The State of Mortgage Industry In 2018CLEARWATER, Fla. - March 27, 2019 - PRLog -- Award-winning mortgage marketing firm Best Rate Referrals announced the release of its Q4 2018 Mortgage Consumer Profile Report. The Q4 2018 Mortgage Consumer Profile Report explores the reality that similar to real estate market indicators, mortgage inquiries for purchase loans slipped in the majority of the U.S. while refinance demand (primarily focused on cash-out and home equity line of credit (HELOC) loans) grew. Estimated mortgage balances rose for refinance borrowers in Q4 2018, especially for borrowers with "good" credit. Meanwhile, estimated loan-to-value (LTV) ratios increased only for refinance borrowers with "excellent" credit scores. Both of these statistics are indicators of home owners pulling equity from their homes.
Though most of the top borrower segments from the Q4 2018 Mortgage Consumer Profile Report matched the quarter prior, there were a handful of new consumer groups inquiring about mortgages in Q4 2018. For the purchase market, two middle-income, older renter segments replaced segments of older home owners and low-income renters. For the refinance market, there were two new affluent and one new high-income consumer segments. The Q4 2018 Mortgage Consumer Profile Report also revealed that mortgage debt rose past $10 trillion in 2018 and is nearing the peak achieved in 2008, but consumer debt is also on the rise — expected to top $4 trillion in 2019. Meanwhile, unemployment rates are at historic lows and personal savings have accrued to levels not seen in decades. All told, the economy and the housing market appear to be in a state of transition. Lenders will be wise to watch trends closely throughout the coming months to see how lending markets react and consumer behaviors unfold. The FREE report is now available for download at insights.digitalmediasolutions.com. The data in the Q4 2018 Mortgage Consumer Profile Report is comprised of inquiries generated by Best Rate Referrals during the period of January 2017-December 2018, with an emphasis on October-December 2018, combined with Neustar ElementOne data. Subjectivity was applied to Neustar ElementOne data, at times combining high-indexing characteristics to define attributes. About Best Rate Referrals Best Rate Referrals is an award-winning consumer finance marketing firm that is an industry leader in generating high-quality leads and driving inbound calls to lenders. Best Rate Referrals has a long history of connecting high-intent consumers with a diverse network of lenders for a variety of financing products. The company's flagship website, MortgageAdvisor.com (http://www.mortgageadvisor.com/) © 2019 Digital Media Solutions, LLC. All Rights Reserved. Digital Media Solutions and its logos are trademarks or registered trademarks of Digital Media Solutions, LLC. All other company and product names referenced herein are the property of their respective owners. End
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