Just 6% Of Potential Buyers Plan To Purchase This Summer

With affordability at its worst level in more than three decades, most Americans are putting off buying a home until rates fall. Only 6% of Americans interested in buying a home are planning to do so this summer, with the majority waiting for interest rates to drop, according to BMO’s Real Financial Progress Index. Just 4% say they expect to buy in the fall. High rates, low inventory, and sky-high house prices are keeping potential buyers on the sidelines. Of those who don’t currently own a property, 65% are holding off due to the state of the economy. In the current high-rate environment, affordability is an insurmountable challenge for many buyers. As of May, each of the 100 largest U.S.…

BMO Offering Fully Remote Refinancing

BMO Financial Group announced it has partnered with Blend Labs and the Federal Home Loan Bank of Chicago to allow eligible U.S. customers to refinance completely online, leading to a faster and more secure lending experience. So long as the customer’s property is in a state and county that allows the recording of e-signatures and digital notaries, there is no longer any in-person requirement for refinancing.   “Through our membership with FHLBank Chicago and partnership with Blend, we have created an end-to-end digital experience that empowers customers with expediency and control, while offering access to lending experts throughout the process,” said Mark Shulman, Head of U.S. Consumer Lending at BMO. Blend Lab’s Close product drives the bank’s shift to digital refis.…