Rates Stay Level While Delinquencies Drop
Consequence of which are lost foreclosure-related jobs
The average rate for a 15-year loan sat at 3.44% compared to the 3.43% a week prior, while the statistic is thus unchanged. Start rates when it came to adjustables found a slight rise, according to McLean, which is a Va.-based Freddie Mac.
The 30-year fixed rate also hit a record low in November of 2012 at 3.31% average. The current higher rate will mean a person who borrows $200,000 will pay an additional $125 per month when compared with a person borrowing during the lowest rate, according Freddie Mac Chief Economist Frank Nothaft.
While the overall demand for mortgages for homes as increased since the recession, overall demand for home loans has been declining as less individuals find refinancing worthwhile in the long run.
Mortgage Bankers Association found that the number of applications for loans for the home dropped in 12 of the last 15 weeks. Freddie Mac pegged the typical 30-year rate at 3.35% in that period.
The positive news is that foreclosures have declined in the same period, while the number of foreclosure-related filings dropped by 32% over the course of July from the previous year, said RealtyTrac. Rates are 64% lower than at their peak in 2010 according to RealtyTrac.
Unfortunately, with less troubled borrowers comes less customer-service demands and thus less workers needed to handle them. Meanwhile, less pink slips are handed out by the banks, and JP Morgan Chase stated that it cut 3,000 mortgage jobs, including over 1,400 in California.
San Diego was hit hardest, as many as 730 call center employees were laid off. Chase stated it was assisting such workers find new employment with the bank or outside the company itself.
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