The recent Fed rate cuts has spurned a wave of new mortgage applications especially with refi’s. The problem however there are many well qualified applications that are not able to qualify to the stringent guidelines that lenders have now.Lenders have gone from one extreme to another. At one time all you needed was a heartbeat to qualify for a mortgage now.

The most qualified buyers however are finally being reward with the ability to refinance to a lower interest rate. The rate cuts have not had a big impact yet on new home and resale home yet but December is typically a slow month on home sales with the holidays.

It will be interesting to see how home sales pick up after the new year as there are many buyers out there trying to time the market.