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Tighter Lending Hits California Hardest
As some of the country’s largest mortgage lenders clamp down on nontraditional mortgages, the states that are likely to be hit the hardest are California, Nevada, Hawaii, and Florida, where these kinds of loans were the most common.
California led the nation in originations of payment-option ARMs, with about 24 percent of all its refinanced and first mortgages falling into this category last year, according to data firm First American LoanPerformance.
Rates on Jumbo Mortgages Climb
Rates on jumbo mortgages — those that exceed the $417,000 limit eligible for purchase and guarantee by Fannie Mae and Freddie Mac — have climbed to 7.34 percent, up from 7.1 percent last week and 6.5 percent in mid-May. These mortgages account for about 16 percent of the mortgage market, according to the trade publication, Inside Mortgage Finance.
The higher rates tend to push home prices downward in neighborhoods where prices are above $500,000.
As some of the country’s largest mortgage lenders clamp down on nontraditional mortgages, the states that are likely to be hit the hardest are California, Nevada, Hawaii, and Florida, where these kinds of loans were the most common.
California led the nation in originations of payment-option ARMs, with about 24 percent of all its refinanced and first mortgages falling into this category last year, according to data firm First American LoanPerformance.
Rates on Jumbo Mortgages Climb
Rates on jumbo mortgages — those that exceed the $417,000 limit eligible for purchase and guarantee by Fannie Mae and Freddie Mac — have climbed to 7.34 percent, up from 7.1 percent last week and 6.5 percent in mid-May. These mortgages account for about 16 percent of the mortgage market, according to the trade publication, Inside Mortgage Finance.
The higher rates tend to push home prices downward in neighborhoods where prices are above $500,000.
작성일2007-08-07 10:45
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