Published on 14 Feb 2024 on Insider Monkey via Yahoo Finance
Top 20 Biggest Mortgage Companies in the US
In this article, we will take a look at the top 20 biggest mortgage companies in the US. If you want to skip our detailed analysis, you can go directly to the Top 5 Biggest Mortgage Companies in the US.
Are US Citizens Resorting to Renting Homes?
According to a report by S&P Global, mortgage origination and securitization activity is expected to expand in 2024. Such is primarily due to normalizing economic conditions. The housing market in the United States has been extremely resilient despite an impending affordability crisis. The Housing Finance Agency home price index expanded by 6.2% between December 2022 and October 2023. In the third quarter of 2023, the rental vacancy rate in the United States was reported at 6.6%. This was lower than the 50-year average of 7.4% and significantly below the peak of 11.1% in 2009. The demand and supply disequilibrium has significantly pushed residents in the United States to rent houses instead of purchasing them. As per the report, the 30-year fixed-rate mortgage (FRM) is expected to hit 6.8% in 2024, the highest annual rate in 20 years. Overall non-agency issuance is expected to grow in 2024. However, expanding mortgage rates supported by the lack of adequate housing supply may deeply influence the relationship between the buying and renting markets.