After years of runaway home prices, buyers are finally gaining a bit of leverage this spring. Qualifying borrowers remains a tricky proposition, however, for front-line workers in the mortgage industry.
Christopher Armantrout, senior loan officer and founder of the Springfield, Tenn.-based brokerage Valor Mortgage, says the rapid shift in the interest-rate environment since the start of the Iran war in late February has distorted expectations for buyers in his local market.
They come into his office north of Nashville quoting media headlines about “falling interest rates” from January and February. Some are seeking to refinance home loans with 3% or 4% mortgage rates. Others have delayed purchase plans and now are hoping to qualify.
Armantr...