Mortgage balances rose in the third quarter as foreclosure filings fell, according to the Federal Reserve Bank of New York.
Borrowers took out $1.05 trillion in home loans, according to a new report. The level of mortgage originations, which includes both purchases and refinancing, was the second highest seen since 2000, the Wall Street Journal reported.
Donghoon Lee, a research officer at New York Fed, said originations “continued on their upward trend as homeowners continue to take advantage of the low interest-rate environment.”
Total mortgage balances hit $9.86 trillion — up $85 billion from the second quarter, the report said.
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In the same period, foreclosure filings fell as homeowners with federally guaranteed mortgages utilized forbearance extended by the government because of the pandemic.
Some 16,000 households experienced foreclosure last quarter, a drop from almost 24,000 in the second quarter. [WSJ] — Sylvia Varnham O’Regan
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