45799
US Banks Gobble Mortgage Business
World Economy

US Banks Gobble Mortgage Business

Just as mortgage bankers were preparing for the end of a historic boom driven by low interest rates, borrowers have begun knocking at their doors again, Reuters reported. In earnings reports over the past week, JPMorgan Chase & Co JPM.N, Wells Fargo & Co WFC.N, Bank of America Corp and Citigroup Inc C.N said they originated $115 billion worth of new mortgages during the second quarter in their core mortgage operations, an increase of $27 billion, or 30%, over the first quarter. The reason for the sudden burst of business? Mortgage rates have dropped to lows not seen since 2013 after the US Federal Reserve dashed expectations for near-term rate hikes. That has led existing borrowers to try and lock in better rates. New borrowers, meanwhile, have been enticed by low borrowing costs and low down-payment offers.

Short URL : http://goo.gl/iQROly
  1. http://goo.gl/D7QVzv
  • http://goo.gl/z1OyFm
  • http://goo.gl/7daSJX
  • http://goo.gl/q9oNTB
  • http://goo.gl/rkh4fz

You can also read ...

Bithumb Hacked, $32m in Cryptocurrency Stolen
Cryptocurrencies dropped after the second South Korean...
South Africa GDP Shrinks
South African gross domestic product shrank 2.2% in the first...
Washington in March imposed tariffs of 25% on steel and 10% on aluminum, in a move mainly aimed at curbing imports from China.
Russia said on Tuesday it would impose import duties on US...
Saudi Arabia, which employs about two-thirds of its citizens, is chipping away at a budget deficit that ballooned to almost 16% of GDP after the oil shock of 2014, while FDI slumped more than 80% last year.
Show up, swipe in. The routine is familiar to office workers...
Taxes in Italy Drive Economy Underground
Italy grew rapidly over the 20th century, and its black market...
European businesses say it has become harder to do  business in China over the past year.
European companies complain they still face a tough business...
Australian Telecom Co. to Axe 8,000 Jobs
Australia’s dominant telecommunications company Telstra...
South Korea to Grow 3 Percent
The Organization for Economic Cooperation and Development has...

Trending

Googleplus