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During the housing boom, anyone who could fog a mirror could get a mortgage. Today, only highly qualified borrowers can get financing — let alone the best rates. The latest data from the Federal Reserve shows that nearly a quarter of people who apply for loans are turned down.
“Good borrowers with one or two blemishes on their credit are being denied credit,“ said Lawrence Yun, chief economist for the National Association of Realtors. Get the full story »
Applications for U.S. home mortgages tumbled last week as higher interest rates sapped demand for loan refinancing, an industry group said on Wednesday. Get the full story »
The volume of mortgage applications filed in the U.S. last week fell a seasonally adjusted 9.5 percent from the previous week, the Mortgage Bankers Association reported Wednesday, as higher interest rates versus late last year discouraged recent activity.
Refinance activity was down 11 percent to its lowest reading since the week ending July 3, 2009, according to the MBA’s weekly survey, which covers more than half of all U.S. retail residential mortgage applications. Purchasing activity fell 0.9 percent in the week ended Friday. Get the full story »
U.S. mortgage lending is projected to sink 36 percent this year to the lowest level since 1997, a trade group said Wednesday.
The Mortgage Bankers Association forecast new loans will fall to $966 billion in 2011 from $1.5 trillion this year. Get the full story »
Sales of existing homes in the Chicago area plunged more than 30 percent in November, hurt by difficult comparisons as buyers last year sought to capitalize on federal homebuyer tax cut programs. Get the full story »
Applications for U.S. home mortgages dropped last week as interest rates rose to the highest level since mid-August, driving down applications for refinancing, an industry group said on Wednesday. Get the full story »
Applications for mortgages rose last week for the third straight week.
The Mortgage Bankers Association said Wednesday overall applications increased 5.8 percent from a week earlier, driven by gains in purchase and refinance applications. Get the full story »
Almost one in 10 of Illinois’ 1.7 million home mortgage loans were at least 30 days past due in the second quarter, a troubling sign that might spell more foreclosures in the future, according to new data released Thursday. Get the full story »
Refinancing drove total U.S. mortgage applications to a nine-month high last week, while demand for loans to purchase homes sunk to a near 13-year low as buyers remained sidelined after the expiration of federal tax credits. Get the full story »
Refinancing drove total U.S. mortgage applications to an eight-month peak, as loan rates fell to or near record lows, but demand to buy homes sank toward 13-year lows last week, the Mortgage Bankers Association said on Wednesday. Get the full story »
