I think speculation about mortgage rates creates high volatility in the mortgage market, but despite rumors that interest rates would increase, new home purchases and mortgages only marginally declined. Despite high credit worthiness standards, the home buying and mortgage market seems to be steady and solid. It is cause for concern that lending standards are somewhat high, because increasing home ownership rates is a valid and legitimate government interest. More home owners means more people are paying for a potential asset, instead of paying rent. Rent does not build equity.
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