Here is what was at the top of the headlines for the mortgage industry this past week.
HELOC Lending Rebounds as Consumer Confident and Equity Expand. Home equity lines of credit or HELOCs account for over 15 percent of all 2014 home loan originations through the end of August. Lending for these loans increased nationwide by over 20 percent for the 12 months ended in June 2014 compared to the 12 months that ended in June 2013.
Mortgage Rates Down for Third Straight Week. Average U.S. mortgage rates fell for the third straight week, making it more affordable to borrow to buy a home.
US Jobless Claims Fall, Point to Labor Market Strength. The number of Americans filing new claims for unemployment benefits fell last week to nearly its lowest level since before the 2007-09 recession, a sign of growing steam in the U.S. labor market recovery. Warren Buffett Says ‘No-
Brainer’ to Get a Mortgage. One of the world’s richest men is utterly confused about why mortgage volume is still in a state of stagnation. “You would think that people would be lining up now to get mortgages to buy a home,” Buffett stated. “It’s a good way to go short the dollar, short interest rates. It is a no-brainer.”
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