December 11, 2013
Adjustable-Rate Activity Up As Applications For Mortgages Decline
With mortgage rates continuing to tick up and the current 30-year rate hovering around 4.6 percent, mortgage applications to purchase property in the U.S. were down 10 percent on a year-over-year basis last week while the share of adjustable-rate mortgage activity has increased to 8.1 percent, the highest level since July of 2008.
First Published: December 11, 2013 8:15 AM
Comments from "Plugged In" Readers
Anyone else notice how much the beginning of this bubble collapse mirrors the previous one?
Expect more and more ARM funny business to try to keep this corpse afloat. You all know how that ends.
Posted by: two beers at December 11, 2013 3:05 PM
Well the underwriting environment has not returned to what it was the last time. The amount of documentation and level of scrutiny required is still extremely intrusive. NINJA loans have not returned as far as I can tell.
Posted by: Rillion at December 11, 2013 4:43 PM