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Mortgage Market to Grow 1.75%
Wednesday, November 5, 2014 6:30 AM

Research and Markets analysts forecast the housing mortgage market in the US to grow at a CAGR of 1.75 percent over the period 2014-2018.

To calculate the market size, the report considered the loan volume of primary housing mortgage banks, credit unions, and financial institutions. It took into consideration the various product segments such as home purchase, home improvement, and refinancing.

One key trend in the market is the lower incidence of foreclosures. An increase in consumer spending sentiments with improved job conditions is helping lower the foreclosures.

According to the report, one of the major drivers of the market is the improving demand for home loans in the US. With improving GDP and per capita income, the market is improving and the purchasing capability of middle- and higher-income groups is increasing.

Further, one of the main challenges in the market is shrinking lending capacity. Vendors need to push their lending capacity to fulfill buyers' expectations. Lenders are beginning to strategize so that they can capitalize on home purchase mortgages without jeopardizing the refinancing segment's revenue, which is a difficult task for lenders.

 

Source: Research and Markets, Oct. 31, 2014.