NMP - December 2016 - 85


double, what are we
anticipating in the short- and
long-term for interest rates in
2017? Despite mortgage
interest rates remaining
unchanged for the majority of
2016, recent jobs data supports
steady hiring and a slight
decline in jobless claims.
As far as long-term
movements, rates have been
held at historic lows since the
downturn in 2007-2009, which
is unsustainable. What does
this mean for current and
potential homeowners? Given
the recent trend among
homeowners taking advantage
of low rates and appreciating
housing values, we can
anticipate a slowdown on the
refinancing front. Houses
cannot continue to appreciate
at the current pace without
becoming overvalued, and rates
are expected to increase. Rates
have been held low for so long
that many borrowers who

wanted to refinance have done
so already. Additionally, some
prospective buyers have taken
advantage of the low-rate
environment by purchasing new
homes. However, some are
struggling with affordability
given high home prices and low
inventory in certain markets.
Evaluating the full picture
The bottom line is that
mortgage professionals should
be mindful that homeowners
will have to consider several
factors when making decisions
regarding their mortgage. We
can use the last cycle
correction as a barometer to
learn from. While interest rates
are favorable for obtaining a
mortgage, they aren't expected
to shoot up dramatically next
year. If there's anything we've
learned from the crisis during
which many Americans became
financially overextended, such
decisions should fit into a

homeowner's personal financial
plan.
It's important for mortgage
professionals to offer insight on
obtaining a home loan in the
client's specific housing market
so homeowners can consider
affordability and whether home
prices are valued appropriately.

Houses in some regions are
showing signs of overappreciation, which points to a
pullback in value and should be
watched closely. Looking at the
full picture and speaking with
your clients about their options is
a smart first step to ensure their
mortgages are in check.

John Pataky is executive vice president of the Consumer
Division for EverBank. He joined EverBank in 2010 to
lead the newly formed Retail Sales/Service and Delivery
Organization. In November 2011, Pataky was named
chief operating officer for EverBank Direct, and was
appointed executive vice president of Banking in January
2015.
85

NationalMortgageProfessional.com

n National Mortgage Professional Magazine n DECEMBER 2016

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Table of Contents for the Digital Edition of NMP - December 2016

Contents
NMP - December 2016 - Cover1
NMP - December 2016 - Cover2
NMP - December 2016 - 1
NMP - December 2016 - Contents
NMP - December 2016 - 3
NMP - December 2016 - 4
NMP - December 2016 - 5
NMP - December 2016 - 6
NMP - December 2016 - 7
NMP - December 2016 - 8
NMP - December 2016 - 9
NMP - December 2016 - 10
NMP - December 2016 - 11
NMP - December 2016 - 12
NMP - December 2016 - 13
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NMP - December 2016 - Cover3
NMP - December 2016 - Cover4
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