Conversely, borrowers who are gravitating towards more conventional mortgage products have slowed down their searches.
“A lot of people are just sort of waiting it out; want to see what’s going to happen with the next rate hike before they jump in,” Zlatkin said. “The question is: how long do you wait? How do you know when we’re at the bottom? And what is the best opportunity for you? And can you accommodate some risk? That’s sort of where our clients are sitting right now and what they’re considering.”
David Larock, of Mortgage Planners Inc., said that the impacts of the aggressive hikes vary considerably between refinances and new purchases.
“Typically, up until very recently, about half of the business I was getting was refinances and half was…