Categories: BedfordWestchester NY

Jumbo mortgages fill in lending gap | Bedford NY Real Estate

 

Mortgage credit availability remains on the upward trajectory that it has been on since November 2013, a trade industry group said.

According to the Mortgage Bankers Association, the mortgage credit availability index increased .44% from 113.5 in February to 114 in March.

The index was benchmarked to 100 in March 2012, and if the MCAI was tracked in 2007, it would have been at a level of roughly 800.

“Consistent with past months, many lenders and investors are providing borrowers seeking higher loan amounts with a broader range of financing options by introducing new jumbo loan programs,” said Mike Fratantoni, MBA’s chief economist.

This trend in jumbo mortgages follows the recent mortgage application reports from the trade group, which show a growth in purchase volume for applications with higher loan amounts and contraction in home purchase application volume for lower-balance loans.

According to the most recent survey, the average contract interest rate for 30-year, fixed-rate mortgages with jumbo loan balances increased to 4.46% from 4.45%.

“Over the month, some lenders made a complete exit from wholesale lending operations, while other lenders moved to enter that space or expanded operations,” Fratantoni said.

 

 

http://www.housingwire.com/articles/29603-jumbo-mortgages-fill-in-lending-gap

AddThis Website Tools
Robert Paul

Robert is a realtor in Bedford NY. He has been successfully working with buyers and sellers for years. His local area of expertise includes Bedford, Pound Ridge, Armonk, Lewisboro, Chappaqua and Katonah. When you have a local real estate question please call 914-325-5758.

Recent Posts

Out of Sevice with brain injury since November.

Just back out of hospital in early March for home recovery. Therapist coming today.

2 years ago

Existing home sales down 28% | Katonah Real Estate

Sales fell 5.9% from September and 28.4% from one year ago.

2 years ago

Single-Family Housing Contraction Continues | Bedford Hills Real Estate

Housing starts decreased 4.2% to a seasonally adjusted annual rate of 1.43 million units in…

2 years ago

Closed Median Sale Price in Hudson Valley/NYC Markets Declined by 2.50% in October | Bedford Real Estate

OneKey MLS reported a regional closed median sale price of $585,000, representing a 2.50% decrease…

2 years ago

Building Materials Prices Decline for Second Consecutive Month | Pound Ridge Real Estate

The prices of building materials decreased 0.2% in October

2 years ago

Mortgage rates drop with inflation drop | Bedford Corners Real Estate

Mortgage rates went from 7.37% yesterday to 6.67% as of this writing.

2 years ago