March 26, 2023

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Much Less Refinance, But More New Mortgage Applications |  Economie

Much Less Refinance, But More New Mortgage Applications | Economie

Mortgage applications fell nearly 14 percent in the last quarter compared to the previous year. It contained just over 100,000 requests. According to the Mortgage Data Network (HDN), refinancing was the only reason for the decline.

“Refinancing firms in particular are withdrawing from the mortgage market. The number of requests for refinancing fell more than 30 percent to 41,500,” HDN reports.

The number of home purchase requests continued to rise. This was an increase of just over 5 percent to more than 61,000.

In September, the last month of the previous quarter, there were more than 44,000 applications to buy a home, refinance or refinance a mortgage. “This is a 10 percent increase over the previous year.”

You can do refinancing if the mortgage interest rate is much lower than the interest rate you got when you took out your mortgage. The addition is made, for example, for renovations or for a second loan with the house as collateral.

HDN states that the numbers do not yet show that people are withdrawing from the owner-occupied market due to higher interest rates. “However, less is borrowed.”

The Mortgage Data Network has an overview of about 85 percent of all mortgage applications in the Netherlands.

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