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COUNTRYWIDE FINANCIAL CORP. Calabasas, California; Lender Prepares Itself For Coming Slowdown.(THE NEW AMERICA)
Byline: STEVE WATKINS
Remember those days last summer when you could get a 30-year, fixed-rate mortgage for around 5%? You probably ran to the bank to refinance and lock in those rates as fast as you could.
You probably also waited in line to do it. Mortgage bankers couldn't staff up enough to meet demand.
Those days are over. Mortgage rates are still low compared with the past, but they shot up over the summer. Average 30-year rates jumped to 6.2% in August from 5.1% in June, according to the Mortgage Bankers Association.
The group's Refinance Index fell by 70% since early July. That caused its total mortgage index to drop by half since summer.
The trade group expects 30-year rates to increase gradually to 7% in 2005. That's still not bad, though it won't spur much refinancing interest.
As the only major financial services firm with a mortgage banking focus, Countrywide Financial Corp. gets hit by that cyclical drop-off in mortgages more than anyone.
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