More US home buyers willing to purchase despite high rates -BofA study

Posted on:
Key Points

NEW YORK, Dec 4 (Reuters) - U.S. home buyers are becoming more willing to purchase properties even as interest rates stay high, according to a study by Bank of America (BAC.N) published on Monday.. About 62% of respondents said they would wait for borrowing costs to fall before buying a house, according to 1,000 people polled in September..

"We are beginning to see that lack of patience play out in the survey, which ultimately should lead to activity going forward," Matt Vernon, head of retail lending at Bank of America, told Reuters...

Homeowners were willing to sell their existing homes and take on higher-interest mortgages if they found a property in a more affordable area or their dream home became available, the survey showed..

New-home sales dropped 5.6% to a seasonally adjusted annual rate of 679,000 units last month as mortgage rates squeezed out buyers...

Anand covered banking and finance in India for more than a decade, chronicling the collapse of major lenders and turmoil at digital banks and cryptocurrencies..

You might be interested in

Bank of Canada's record tightening campaign exposes lenders' mortgage risks

13, Jul, 23

The Bank of Canada's interest rate hike on Wednesday and prospects of more increases heighten risks to mortgage lenders as homeowners are likely stay in debt longer as they struggle to make higher payments or pay even the interest portion of their home loans, investors and analysts say.

Bank of America to expand in four US states, closing gap with JPMorgan

27, Jun, 23

Bank of America Corp is adding consumer branches in four new U.S. states, it said on Tuesday, bringing its national footprint closer to rival JPMorgan Chase & Co .

US bank profits to drop but industry stable after March crisis -analysts

16, Nov, 23

U.S. bank profits are expected to shrink in the coming months, but the industry has regained its footing after the biggest bank failures since the 2008 financial crisis, analysts said.

Canada banks' quarterly profits seen hit by rising provisions

28, Nov, 23

Canada's big banks are likely to wrap up a challenging financial year with another quarter of declining profits and rising bad debt provisions amid a slowing economy.

Banks quietly raise interest rates on car, personal loans

07, Jan, 24

India News: Interest rates on retail loans, including home loans, have started increasing as banks revise their marginal cost of lending rate (MCLR). While home l

Home Buyers Are Ready to Buy. But Sellers Aren’t Selling.

18, Dec, 23

Owners are feeling too fond of the low interest rates on their existing mortgages.

Auto sector: A vroom story with room for more

07, Dec, 23

High festive-season demand helped November notch up India’s largest monthly vehicle sales on record. Not just cars, two-wheelers too.

Exclusive: JPMorgan shuffles bosses as Rivas to retire as head of North American investment banking -memo

26, Sep, 23

JPMorgan Chase (JPM.N) reorganized the leadership in its investment bank, promoting a new head in North America to succeed Fernando Rivas, who plans to retire, according to a memo seen by Reuters.

Resale property market booms amid price hikes, scarcity of ready homes

17, Jul, 23

Sales of completed or nearing-completion homes by first owners are booming as demand outpaces market supply, with prospective buyers increasingly viewing the resale market as a viable alternative. Factors contributing to this trend include a scarcity of newly constructed properties ready for immediate occupancy, a dearth of new developments, and escalating price hikes in major markets.