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HOUSING: Government share of mortgages doubles
By North County Times | ∞
Interest rates are rising and more home buyers are turning to the government for a loan, according to two reports released Wednesday.
Of all mortgages issued nationally, the share of government loans has doubled from a year ago, reported the Mortgage Bankers Association. During the first half of 2008, 12 percent of all loans were government-backed loans from groups such as the Department of Veterans Affairs. Government-backed loans typically are easier to get than private loans these days, and interest rates tend to be lower.
The report also showed borrowers gravitating toward fixed-rate loans, which constituted 79 percent of all mortgages through June, compared with 64 percent over the previous six months.
Another report issued by the same industry group showed that the average interest rate on mortgages increased last week, rising a quarter of a percentage point to 6.5 percent.
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