federal reserve survey: Mortgage Standards Standing Firm
- 11/07/13 05:05 AM
Mortgage standards don’t appear to be budging, even though over the third quarter of 2013 we have seen interest rates rise, causing fewer refinances and a lower demand for mortgages. The Federal Reserve conducted a survey over the first half of October, of federal loan officers in 73 domestic banks and 22 international branches, in regards to a 1% rise in interest rates for a 30 year fixed mortgage in 3Q13. The survey found that 80% of banks did not adjust their credit standards at all, while 15% of banks admitted to lowering their standards slightly. Erik Johnson, senior U.S. … (0 comments)
Mortgage standards don’t appear to be budging, even though over the third quarter of 2013 we have seen interest rates rise, causing fewer refinances and a lower demand for mortgages.
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