Now that more homes are selling, the natural assumption would be
that lending offices have become busier.
But that's not necessarily the case, said Steve Admire of Advantage One Mortgage.
"Volume today isn't as strong as it was last year," he said. "Purchases are up 10 percent, though refinancing is down 30 percent."
Admire said the overall decline in volume is due to the recent increase in interest rates. Though the national average rate for a 30-year loan dropped to a low of 3.31, it's rebounded to nearly 4 percent. That's made refinancing existing loans less attractive.
Lending requirements from the various financial institutions also haven't budged much and still require significantly higher credit scores than in the days of much more permissive lending during the housing boom, Admire said.
"The pickup in activity hasn't changed the supertight lending standards," Admire said.
He said the improving economy will likely continue to drive interest rates up.
Robert Evatt 918-581-8447
Originally published by ROBERT EVATT World Staff Writer.
(c) 2013 Tulsa World. Provided by ProQuest LLC. All rights Reserved.
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