Mortgage rate drop sparks surge in consumer interest San Jose Mercury News, USA - Nov 26, 2008 "Low rates are only part of getting a mortgage, though," said spokesman Jason Menke. Banks are refinancing loans for people with good credit scores, ...
Commercial mortgage delinquencies on rise FinancialWeek (subscription), NY - ... but contracting credit markets and lenders? risk aversion have put an end to easy refinancing. Sound familiar? An increase in commercial mortgage...
Mortgage Lenders Report Boom After Fed Rate Cut WCBS-TV New York, NY - Nov 26, 2008 With three new mouths to feed after the births of triplets Sophia, Christopher, and Peter, the Rosatos can't wait to refinance their mortgage to save money. ...
Reverse mortgages a lifeline for seniors San Diego Union Tribune, CA - Nov 30, 2008 During the real estate boom ? in which home prices in San Diego County doubled between 2000 and 2005 ? many seniors refinanced their fixed-rate mortgages ...
Home sweet home ? safe and sound Buffalo News, United States - Too many people also took on a no-down- payment, interest-only loan on the assumption that they could use equity to sell the property or refinance the loan ...
Home Prices Snowball Forbes, NY - That's pretty close to the buying opportunity that sparked the boom. Don't call it a bottom though. Markets over-correct when they fall, just as they grow ...
Deals with Beach company put some owners out of homes The Virginian-Pilot, VA - Nov 29, 2008 She lost her home, seen in the background, after a mortgage- refinancing arrangement failed. When she learned that the straw buyer of her home faced ...
Economy in Crisis Midas Letter, OR - The refinancing typically resulted in greater control over the assets of the railroad including seats on the boards of directors. ...
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NEW YORK — Mortgage banks are demanding overtime from employees, adding night shifts and hiring more workers to keep up with a record boom in loan refinancing, benefiting from lower interest rates as the economy soured.
"There are a lot of red eyes and tired people," said Dennis Culver, a national sales manager at Wells Fargo, the third-largest U.S. mortgage lender. Wells Fargo has opened six centers to process loans this year, he said.
The No. 6 lender, ABN Amro Mortgage Group, has hired 500 permanent and temporary people, boosting its work force by 40 percent, said company President Stan Rhodes.
The 30-year mortgage rate fell toward a record-low 6.47 percent earlier this month. As rates dropped, banks built up their mortgage units to keep pace with what analysts expect to be a record $2 trillion in mortgages approved this year.
Employment by mortgage banks rose 7 percent in the past 12 months, to 326,000 people at the end of October. Payrolls at securities firms fell 2.2 percent to 750,000 in the same period.
"There's been no break in activity" for ABN Amro's mostly young staff at its call centers, said Rhodes, who has been in the mortgage business since 1973. "The kids love the overtime and they've got the stamina to work it."
Mortgage rates fell as the Federal Reserve cut its benchmark rate 10 times this year to boost the economy, which contracted in the third quarter for the first time since 1993. October's drop in the 30-year mortgage rate came in part because bond yields, which are used to set mortgage rates, fell after the Sept. 11 attack.
The 30-year mortgage rate was as high as 8.64 percent last year.
History suggests that trend may reverse if the economy gains steam and rates rise. In 2000, mortgage-industry employment fell by 40,000 jobs to 307,000 as the Fed raised rates to slow the economy, and curbed mortgage lending as well.
Lenders this week face what may be the last push, as 30-year mortgage rates rose to about 6.75 percent after bond yields surged on signs the economy may be rebounding. As investors pared back expectations of further Fed rate cuts, the 10-year Treasury yield, a benchmark for mortgage rates, rose 0.80 percentage point since Nov. 7 to 4.97 percent.
The rise in rates may have made it uneconomical for about 4.5 million homeowners with $600 billion in loans at a rate of 7 percent to refinance, according to Fannie Mae and Freddie Mac data. That may limit an expected boost to consumer spending, which accounts for two-thirds of the economy, by crimping extra spending cash for homeowners.
The Mortgage Bankers Association of America's refinancing index, which measured such applications, fell for the first time in three weeks. It is still at its fourth-highest weekly level.
So far, bankers said consumers have reacted to the rise by jumping to lock in rates before the refinancing opportunity fades.
"There are still mobs of people that are in the money and can benefit" from refinancing, said Culver.
ABN Amro has seen a "surge in activity" as rates have risen. The bank has been working at full capacity, handling about 69,000 applications per month, Rhodes said.
A drop in refinancing "probably won't have a huge effect, but it will be negative and it will damp the outlook somewhat," said Michael Moran, chief economist at Daiwa Securities America in New York.
The Mortgage Bankers Association estimates the refinancing wave has generated about $45 billion in consumer spending. There are more than $1 trillion in loans with rates still low enough to refinance.
J.P. Morgan Chase's mortgage unit got $7 billion in mortgage applications in October and is on pace for the same levels in November, said Eric Gotsch, a senior vice president at J.P. Morgan Chase Bank. That compares with $1.3 billion in December last year, he said.
Mortgage rates are still close to their 30-year lows, he said. "The window has not shut yet."
