Mortgage Lending Hits 13-Year Low
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The Federal Reserve Bank of New York announced today that this year is on track to be the weakest for mortgage lending since 2000. For the year ending in September, an average $357B in new loans originated per quarter, the worst result since mid-2001. The Wall Street Journal noted that lending was hit hard by the Great Recession but that the Fed's consistent stimulus efforts brought mortgage rates down and prompted refinancing. Rates for a 30-year fixed mortgage jumped from 3.6% to 4.6% last May and a dramatic refi fallout followed the spike.