Are Loans Harder to Get?

Dear Monica: With rising interest rates and the closure of some banks, has it become more difficult to obtain a mortgage loan? Philip S.

Dear Philip: Banks are still making mortgage loans but the number of loans is down because higher interest rates are keeping some buyers from being able to borrow. Banks are also strengthening their cash reserves by not lending as much as they might have done before recent bank closures. 

In spite of the current lending climate, the real estate market has been strong this spring especially for properties priced below $5 million. Buyers have made adjustments needed to still be able to buy a home.