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Breaking News

Lending Drops to 17-Year Low as Rates Curb Borrowing

Mortgage lending is contracting to levels not seen since 1997 as rising interest rates and home prices drive away borrowers.

Wells Fargo & Co. and JPMorgan Chase & Co., the two largest U.S. mortgage lenders, reported a first-quarter plunge in loan volumes that's part of an industrywide drop off................

Lending has been tumbling since mid-2013 when mortgage rates jumped about a percentage point after the Federal Reserve said it might taper stimulus spending. A surge in all-cash purchases to more than 40% has kept housing prices rising, squeezing more Americans out of the market. That will help push lending down further this year, according to the association.

Small Market

Prices for single-family homes rose in fewer areas in the fourth quarter, with 73 percent of U.S. cities experiencing gains compared with 88 percent in the previous three months, according to the National Association of Realtors.

Higher values will make it harder for banks to find qualified borrowers this year.

“We’re going to have a small market,” JPMorgan’s Lake said on an April 11 conference call. http://www.bloomberg.com/news/2014-04-14/lending-plunges-to-17-year-low-as-rates-curtail-borrowing.html

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11630 N Lady Dove, Prescott Valley AZ 86315

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