Mortgage balances are rising, Foreclosures falling in Q3


Federal Reserve Chairman Jerome Powell (Getty; iStock)

Federal Reserve Chairman Jerome Powell (Getty; iStock)

Mortgage balances rose in the third quarter as market closure requirements fell, according to the Federal Reserve in New York.

Borrowers took out home loans at $ 1.05 trillion new message. The mortgage rate, which includes both purchases and refinancing, was the second highest since 2000, according to the Wall Street Journal.

Donghoon Lee, a researcher at the New York Fed, said the beginnings “continued their upward trend as homeowners continue to take advantage of low interest rates.”

The total mortgage balance reached $ 9.86 trillion – an increase of $ 85 billion in the second quarter, the report said.

During the same period, applications for foreclosure fell because homeowners with federally guaranteed mortgages took advantage of government-extended leniency due to a pandemic.

Roughly 16,000 households experienced market foreclosure last quarter, down from almost 24,000 in the second quarter. [WSJ] – Sylvia Varnham O’Regan

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