The mortgage sector has seen a period of unprecedented growth over the past three years. This growth has been driven by a combination of factors, including a strong economy, low interest rates, and increased demand for housing. As a result, mortgage lenders have seen an influx of new customers and increased profits.
The first factor driving this growth is the strong economy. The US economy has been on a steady upward trajectory since the Great Recession of 2008-2009. This has led to increased consumer confidence and spending, which in turn has led to increased demand for housing. Low interest rates have also played a role in this growth. Low interest rates make mortgages more affordable for borrowers, which has led to an increase in the number of people taking out mortgages.
The second factor driving this growth is increased demand for housing. As the economy has improved, more people are looking to buy homes. This has led to an increase in the number of homes being sold, which in turn has led to increased demand for mortgages. Additionally, the increasing population of millennials has also contributed to this growth. Millennials are more likely to take out mortgages than previous generations, which has led to an increase in the number of mortgages being taken out.
The third factor driving this growth is technological advances. Technology has made it easier for lenders to process applications and approve loans quickly. This has allowed lenders to process more applications and approve more loans, leading to an increase in the number of mortgages being taken out. Additionally, technology has made it easier for lenders to offer competitive rates and terms on mortgages, which has also contributed to the growth in the mortgage sector.
Overall, the mortgage sector has seen three years of relentless growth. This growth has been driven by a strong economy, low interest rates, increased demand for housing, and technological advances. As a result, mortgage lenders have seen an influx of new customers and increased profits. This trend is expected to continue in the coming years, as the economy continues to improve and technology continues to advance.