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In Summit County, Utah, for instance, Zillow found that just 1.3 percent of mortgage requests would be affected by the change, but that nearly 10 percent of the houses in the county, "if sold, would now have to be financed by a jumbo loan.
U.S. Weekly Mortgage Requests Fell Last Week.
U.S. Mortgage Requests Slump To Recent New Lows.
Earlier headlines U.S. Weekly Mortgage Requests Fall To January Low EU Lifts Five-Year GMO Ban, U.S. Challenge Remains Procter & Gamble To Name 2 More Vice Chairmen Applied Materials Posts Profit, Sees Growing Demand.
The Mortgage Bankers Association of America (MBA) said its seasonally adjusted gauge of overall mortgage requests rose to 817.3 in the week ended Oct. 3, up 15.6% from the previous week's 707.2.
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Less than two months ago, Mr. Kantrowitz said that the average mortgage request by Manhattan borrowers had nearly tripled, to $4 million from $1.45 million, in the previous two years.
Keith Kantrowitz, the president of Power Express Mortgage Bankers in Lake Success, N.Y., said that the average mortgage requested by his borrowers in Manhattan has nearly tripled in the last two years to about $4 million, up from $1.45 million.
What's more, the bank reckons it will have to buy back only about half the mortgage repurchase requests and has almost $4 billion stashed away to help.
Mortgage refinancing requests rose 12.6 percent in the week ended June 25 to the highest level since May 2009, as average 30-year mortgage rates slid 0.08 percentage point to 4.67 percent, the industry group said.
"Their mortgage repurchase requests are down quarter over quarter and that' a good sign," he says.
Bank of America has far more Fannie Mae mortgage repurchase requests than any other bank.
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