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Dayton Business Journal...
Mortgage rates slide
again
by Barton Eckert, DBJ Contributor
Saturday, May 21, 2011
Long-term mortgage rates have dropped for a fifth consecutive week,
with the average rate for a 30-year fixed-rate mortgage at its lowest
level since December.
A 30-year fixed loan averaged 4.61 percent in the week ending May 19,
down from 4.63 percent the previous week, according to the weekly rate
report by Freddie Mac (OTC BB:FMCC). A 15-year fixed-rate mortgage fell
to 3.8 percent, while a one-year adjustable-rate loan edged up to an
average 3.15 percent from 3.11 percent a week earlier.
Falling rates have attracted renewed interest from borrowers,
particularly homeowners seeking to refinance an existing mortgage.
Mortgage applications increased 7.8 percent from one week earlier,
according to data from the Mortgage Bankers Association’s Weekly
Mortgage Applications Survey for the week ending May 13.
Dayton-area home sales improved in March, climbing 26 percent from the
previous month.
According to the Mortgage Bankers Association, the refinance share of
mortgage activity increased to 66.7 percent of total applications
during the week ending May 13, up from 63.1 percent the previous week.
That is the largest refinance share observed since late January.
Mortgages can impact the bottom lines at lending institutions.
Cincinnati-based Fifth Third Bancorp ranks as the largest bank in the
Dayton market. PNC Financial Services Group Inc., JPMorgan Chase &
Co., First Financial Bancorp and U.S. Bancorp round out the top five
largest banks in the local region. KeyCorp and Huntington Bancshares
Inc. are just outside the top five.
The Fed recently reprimanded 10 banks for their mortgage practices.
The banks were: Bank of America, Citigroup Inc.; Ally Financial Inc.,
HSBC North America Holdings Inc., JPMorgan Chase, MetLife Inc., PNC
Financial Services Group Inc., SunTrust Banks Inc., U.S. Bancorp and
Wells Fargo & Co.
Read the story with links at the Dayton Business Journal
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