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Article: Lenders prepare for life after record refinance market: banks, credit unions shifting focus to deal with slowdown.(California Mortgage Bankers Association)
- Article from:
- San Diego Business Journal
- Article date:
- June 28, 2004
- Author:
CopyrightCOPYRIGHT 2004 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Maybe the refinance market hasn't dried up yet, but home mortgage lenders are beginning to act as if it has.
Banks and credit unions are readying a variety of new product rollouts including expanded adjustable rate mortgage programs, new home buyer mortgage strategies and attractive home equity lines of credit in hopes of replacing some of the refinancing volume they anticipate will be lost as interest rates move upward.
"We have hit the magic 6 percent level in fixed rate lending," said Rich Gale, a board director with the California Mortgage Bankers Association. "We've seen a dramatic decrease in fixed rate demand at these levels. So it seems like ...