Government-insured mortgages skyrocket
South Florida Business Journal
The number of mortgage loans insured by the U.S. government jumped to their highest share of total loan applications in nearly 20 years, according to a report by the Mortgage Bankers Association.
FHA and VA loan applications rose to 35.9 percent in June, up from 25.7 percent a month earlier and 27 percent a year earlier.
Since the MBA survey's inception in January 1990, the lowest recorded share was 5.8 percent in August 2005.
The government-insured share of applications to purchase homes last month was 38.6 percent, up from 27.8 percent one year ago. Those applications have averaged 36.6 percent to date, compared to an average of 21.8 percent during the same period last year. The low point was in August 2005 when it was 6.8 percent, the MBA reported.
"A primary reason government-insured loans have retained a high share of the purchase market is that these loans typically require lower down payments than conventional loans," Orawin Velz, MBA's associate VP of economic forecasting, said in a news release. "In addition, lending standards tend to be tighter for conventional loans, especially for loans that require private mortgage insurance."
South Florida Business Journal
The number of mortgage loans insured by the U.S. government jumped to their highest share of total loan applications in nearly 20 years, according to a report by the Mortgage Bankers Association.
FHA and VA loan applications rose to 35.9 percent in June, up from 25.7 percent a month earlier and 27 percent a year earlier.
Since the MBA survey's inception in January 1990, the lowest recorded share was 5.8 percent in August 2005.
The government-insured share of applications to purchase homes last month was 38.6 percent, up from 27.8 percent one year ago. Those applications have averaged 36.6 percent to date, compared to an average of 21.8 percent during the same period last year. The low point was in August 2005 when it was 6.8 percent, the MBA reported.
"A primary reason government-insured loans have retained a high share of the purchase market is that these loans typically require lower down payments than conventional loans," Orawin Velz, MBA's associate VP of economic forecasting, said in a news release. "In addition, lending standards tend to be tighter for conventional loans, especially for loans that require private mortgage insurance."
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