Low rates boost loan activity Toledo Blade
With mortgage rates at record lows, Marty Sutter would like for more customers to refinance their home loans at Genoa Bank. Unfortunately, he said, it's difficult to find homeowners who qualify.
Mr. Sutter, president of the Genoa-based bank, said 99 percent of his mortgage customers are current on their loans and make timely payments. But the recession has left many with lower incomes and depleted home values, making them ineligible for refinancing that could lower their interest rate.
"We're trying," said Mr. Sutter, who expects Genoa Bank's mortgage business to decline 68 percent this year compared with five years ago. "We want to approve people, but values and job times and employment are having a significant impact."
The average rate for 30-year fixed-rate loans was 4.32 percent nationally last week, and the average for a 15-year fixed-rate was 3.5 percent, according to mortgage provider Freddie Mac.
Frank Nothaft, vice president and chief economist for the government-controlled firm, said the 30-year rate is the lowest this year, and the 15-year rate is the lowest since Freddie Mac began releasing weekly rate reports 20 years ago.
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