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Lower Interest Rates In Q1 2019 Spur Purchase Mortgage Inquiries From “Good” Credit Consumers

June 26, 2019 Jeff Meola

Decreasing interest rates in early 2019 spurred the purchase mortgage market during the year’s first quarter. Beginning at 4.51%, by the end of March, rates for 30-year fixed mortgages were down to 4.06%. This rate change was in direct opposition to the performance during the first quarter of 2018, when rates climbed from 3.95% to 4.44%. This turnaround in the housing market generated more interest among “average” prospective buyers, leading to a spike in inquiries from consumers with “good” credit scores, according to the Q1 2019 Purchase Mortgage Consumer Profile Report published by DMS Consumer Finance.

Average Income For Prospective Homebuyers Fell In Q1 2019

In Q1 2019, 68.8% of purchase mortgage inquiries were from consumers with “good” credit scores. This share was up from 45.1% at the start of 2017, pulling mostly from the “fair” credit score bucket. Similarly, the average income level for prospective home buyers fell from $75,330 in Q4 2018 to $70,723 in Q1 2019, according to the Q1 2019 Purchase Mortgage Consumer Profile Report. Declining credit scores and income levels are representative of the loosened requirements to qualify for mortgages combined with lower mortgage rates making homeownership more affordable this year. Download the Q1 2019 Purchase Mortgage Consumer Profile Report for more details on purchase mortgage trends.

Q1 2019 Purchase Mortgage Consumer Profile Report

Two New Segments In Top 10 Consumer Profiles For Purchase Market In Q1 2019 Are Middle- And Low-Income

Two new consumer segments were added to the top 10 consumer segment list for the purchase market in Q1 2019. The new segments consist of middle- and low-income younger renters with children. These segments replaced segments of high- and middle-income older renters without children. Download the Q1 2019 Purchase Mortgage Consumer Profile Report for more details on consumer segments trends.

Download the Q1 2019 Purchase Mortgage Consumer Profile Report Today

Featuring state and credit score trends for the purchase mortgage market, top consumer segments and more, the Q1 2019 Purchase Mortgage Consumer Profile Report highlights purchase mortgage market audience trends for the period of January 2017-March 2019, with an emphasis on January-March 2019.

About the Author

Jeff Meola

Jeff Meola is the Consumer Insights & Marketing Analytics Director at Digital Media Solutions (DMS), the fastest-growing independent digital performance marketing company. DMS helps its clients accelerate growth by deploying diversified and data-driven customer acquisition solutions that deliver scalable, sustainable and measurable marketing results. DMS performance marketing solutions connect the right consumers with the right offers at the right time to achieve the marketing objectives of our clients. DMS is continually innovating to provide new and emerging media and technology solutions that minimize waste and maximize results across the most competitive industries. Since its inception, DMS has demonstrated incredible year-over-year growth which has earned recognition on the Inc. 5000 list in 2014, 2015, 2016, 2017 and 2018.

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