Urban Institute: Qualified Mortgage impact overblown

Urban Institute: Qualified Mortgage impact overblown

New rules have only slightly slowed mortgage lending

WATCH: Former Wells Fargo CEO calls BofA fine “extortion”

Kovacevich says fine is political and has “nothing to do with justice”

BofA reaches $16.65B settlement over "toxic waste" mortgages

Loans date back to Countrywide and Merrill Lynch
W S
Lending / The Ticker

loanDepot, Quicken Loans: Higher rates come with a better economy

/ Print / Reprints /
| Share More
/ Text Size+

Mortgage applications continued to tumble down, posting a 9.8% drop from a week earlier, the Mortgage Bankers Association said.

This came in tune with the refinance index plummeting 12% and the seasonally adjusted purchase index sinking 3% from a week earlier, the industry trade group said.   

loanDepot Chief Economist Jim Svinth said, "Today’s report on existing-home sales shows that while consumers are in the market to buy a home, there simply is a lack of inventory. That discrepancy was also represented in the mortgage applications survey and the decrease in purchase applications."

Meanwhile, Quicken Loans Chief Economist Bob Walters said, "It’s quite likely that we will look back on this period as being among the best times in history to purchase a home."

"As the economy continues to firm, the likelihood that interest rates will rise increases and home prices will continue their upward climb as well," Walters said.

 

Recent Articles by HousingWire Staff

Comments powered by Disqus