Residential Mortgage Market Size, Share & Trends Analysis Report and Segment Forecast (2024-2031)

The residential mortgage market is expected to be driven by a rise in government incentives and schemes for residential finance and benefits, as they address critical aspects of affordability, demand stimulation and financial accessibility. Furthermore, government intervention extends to tax benefits like those provided under the Goods and Services Tax (GST) framework. By standardizing taxes on under-construction properties and offering input tax credits to first-time homebuyers, these incentives directly enhance affordability, enticing more individuals to consider purchasing homes.In countries like India, where homeownership is a vital aspiration, initiatives such as the Pradhan Mantri Awas Yojana play a pivotal role. PMAY's multifaceted approach encompasses interest subsidies, affordable housing projects and financial aid for construction, all of which significantly lower the financial burden on potential homebuyers.

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Market Dynamics

The residential mortgage market is expected to be driven by government policies and tax policies related to homeownership, such as mortgage interest deductions and property tax deductions, for the push toward home affordability for lower and middle-class people globally. The evolving nature of government policies in the residential mortgage market underscores their instrumental role in maintaining stability Furthermore, after Global Financial Crisis prompted countries globally to equip themselves with macroprudential policy measures, an arsenal designed to mitigate risks and bolster financial resilience. The measures, ranging from loan-to-value ratio restrictions to debt service-to-income limits and capital-based tools, were strategically deployed in response to evolving risks, often focusing on the household sector.

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Segment Analysis

Fixed mortgage holds the largest share in residential mortgage market due to their stability and predictability. The mortgages offer borrowers protection against interest rate fluctuations, ensuring that their interest rate remains constant throughout the loan term. Fixed-rate mortgages typically come with terms of 15 to 30 years, providing borrowers with options that align with their financial goals and preferences. The mortgages are popular among those seeking long-term stability and predictability in their housing expenses. HSBC has introduced a significant development in the residential mortgage market, offering five-year fixed-rate mortgages below 4% for the first time since the disruptive autumn mini-budget. The bank has repriced its mortgage range, presenting a new five-year fixed-rate option at 3.99% for remortgage customers seeking up to 60% of their property's value. The move allows homeowners to secure their monthly home loan expenses below the Bank of England base rate, which recently reached 4%.

Competitive Landscape

The major global players in the market include Wells Fargo Home Mortgage, Rocket Mortgage, JP Morgan Chase, Bank of America Home Loans, U.S. Bank Home Mortgage, CitiMortgage, PNC Mortgage, SunTrust Mortgage, Freedom Mortgage and PennyMac Loan Services.

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