Clearwater, FL – March 27, 2019— Award-winning mortgage marketing firm Best Rate Referrals announced the release of its Q4 2018 Mortgage Consumer Profile Report. The Q4 2018 Mortgage Consumer Profile Report explores the reality that similar to real estate market indicators, mortgage inquiries for purchase loans slipped in the majority of the U.S. while refinance demand (primarily focused on cash-out and home equity line of credit (HELOC) loans) grew. Estimated mortgage balances rose for refinance borrowers in Q4 2018, especially for borrowers with “good” credit. Meanwhile, estimated loan-to-value (LTV) ratios increased only for refinance borrowers with “excellent” credit scores. Both of these statistics are indicators of home owners pulling equity from their homes.
Though most of the top borrower segments from the Q4 2018 Mortgage Consumer Profile Report matched the quarter prior, there were a handful of new consumer groups inquiring about mortgages in Q4 2018. For the purchase market, two middle-income, older renter segments replaced segments of older home owners and low-income renters. For the refinance market, there were two new affluent and one new high-income consumer segments.
The Q4 2018 Mortgage Consumer Profile Report also revealed that mortgage debt rose past $10 trillion in 2018 and is nearing the peak achieved in 2008, but consumer debt is also on the rise — expected to top $4 trillion in 2019. Meanwhile, unemployment rates are at historic lows and personal savings have accrued to levels not seen in decades. All told, the economy and the housing market appear to be in a state of transition. Lenders will be wise to watch trends closely throughout the coming months to see how lending markets react and consumer behaviors unfold.
The FREE report is now available for download at insights.digitalmediasolutions.com.
The data in the Q4 2018 Mortgage Consumer Profile Report is comprised of inquiries generated by Best Rate Referrals during the period of January 2017-December 2018, with an emphasis on October-December 2018, combined with Neustar ElementOne data. Subjectivity was applied to Neustar ElementOne data, at times combining high-indexing characteristics to define attributes.
About Best Rate Referrals
Best Rate Referrals is an award-winning consumer finance marketing firm that is an industry leader in generating high-quality leads and driving inbound calls to lenders. Best Rate Referrals has a long history of connecting high-intent consumers with a diverse network of lenders for a variety of financing products. The company’s flagship website, MortgageAdvisor.com, is a one-stop mortgage financing shop that matches consumers with mortgage lenders and also provides an array of online tools and information to educate potential borrowers on achieving their financing goals. In 2018, Best Rate Referrals expanded into the world of personal finance with the launch of LoanAdvisor.com, a new online marketplace designed to provide consumers with simple and fast personal loan quotes from lenders for free. Best Rate Referrals is part of Digital Media Solutions, LLC (DMS), the fastest-growing independent digital performance marketing company. For more information on Best Rate Referrals, go to bestratereferrals.com, check out the Facebook page at facebook.com/BestRateReferralsLV and follow on Twitter at @BestRateLeads.
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