Homebuyers Keep Buying — And That’s Good News for Home Service Franchises

Last week, 30-year fixed mortgage rates rose from 6.92% to 6.98%, the highest since January, according to LinkedIn News. But instead of backing off, more people applied for home loans. Mortgage applications to buy a home increased by 2% from the previous week and are now 18% higher than they were at the same time last year, says the Mortgage Bankers Association. Refinancing applications decreased slightly from the previous week but remain 37% higher year-over-year.

This is promising news for home service franchise brands. When people buy homes, especially older ones, they often require assistance immediately — whether it’s cleaning, painting, plumbing, landscaping or general repairs. Many of these tasks are best handled by professionals, and that’s where franchise businesses can step in.

For entrepreneurs considering a franchise in the home services space, this continued demand shows there’s still plenty of opportunity. New homeowners are looking for trusted service providers, and a strong franchise brand can offer both quality and peace of mind.

Even with high interest rates, people are still moving — and that means they’ll still need help making their new houses feel like home.

Read the full article here.

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