Los Angeles Mortgage Report 2014
Next to finding the right condominium, securing a mortgage that works within the parameters of your financial situation is perhaps the most important step in the home-buying process. The Los Angeles mortgage market, which had been taking a pretty serious beating earlier in 2014 from higher interest rates coupled with weak home sales, finally started to show signs of life and was perking up significantly by year’s end.
In the first quarter of 2014, home lending in Los Angeles hit a 14-year low; however, by the second quarter of the same year, home lending was much stronger than originally anticipated. Inside Mortgage Finance reported an estimated $310 billion that lenders had funded in residential mortgages throughout the second quarter, which was up 34% over the previous quarter.
The Mortgage Bankers Association is estimating that lenders will originate just over $1 trillion in mortgages in 2014, with only slightly more than 40% being refinance loans. Those numbers are down from $1.76 trillion in 2013, and the refinance share was more than 60%. Other mortgage watchers have even lower projections, and FBR & Co. recently even cut its 2014 forecast by 8%. This trend could signal good news to come for banks and major mortgage lenders; however, it seems to be the general nonbank mortgage lenders that are garnering most of the market share.
Find a Los Angeles Mortgage Professional
If you are in the market to buy or sell a condo in the Los Angeles area, of if you have any questions about home lending or mortgages in LA, then you have come to the right place. Our team of Los Angeles condo specialists can connect you with the area’s top mortgage professionals to ensure that your experience is nothing short of exceptional.
Our mission is to provide highly personal real estate services,local expertise – particularly in condos and lofts –and reliability. We have 28 years of experience, and we would love to share our knowhowwith you. Take a look through our website to find out more about our area, and explore our current listings. Call or connect online with us to get started today! We look forward to hearing from you and to helping you find the condo – and mortgage – that best suit your needs.