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Next Mortgage Push: Longer Loans?; More Lenders Offer 40 Years; Latest loan products seek to make homes affordable as interest-only is debated.(INSIDE REAL ESTATE)
Byline: LAURA MANDARO
Could the mortgage market get a fifth wind?
As lenders prepare for lower volume this year, they are rolling out new products designed for borrowers squeezed out of existing mortgages by higher interest rates.
These include 40-year fixed-rate mortgages, which offer lower payments than 30-year loans due to the longer amortization period.
"Forty-year (mortgages) are the interest-only mortgage of 2006," said Frank Sillman, chief executive of IndyMac Mortgage Bank.
The unit of Pasadena, Calif.-based IndyMac Bancorp updated its 40-year mortgage in the third quarter with features like interest-only payments and hybrid structures that lock in fixed rates for the first few years.
Other big lenders, including Washington Mutual, Bank of America Corp. and Countrywide Financial Corp., also are launching or considering new 40-year products.
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...consumers chose 30-year, fixed-rate mortgages last month, while the...Market Update showed 30-year, fixed-rate mortgages accounted for about...interest rates for 30-year, fixed-rate mortgages were higher in May...
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...also showed that 15-year, fixed- rate mortgages represented 33.3 percent...types, including 20-year, fixed-rate mortgages, 7-year balloons...and points) on 30-year, fixed-rate mortgages declined to 6.70 through...
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- Press release article from: PR Newswire May 24, 1994 700+ words
...The popularity of 30-year, fixed- rate mortgages continued in April...Market Update showed 30-year, fixed- rate mortgages continue to account...total business in 15-year, fixed-rate mortgages decreased to its lowest...
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- Newspaper article from: The Record (Bergen County, NJ) July 4, 1996 700+ words
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- British Market Rejects 25-Year Fixed-Rate Mortgages.
- Newspaper article from: Sunday Business (London) April 18, 2004 700+ words
...dropped its innovative 25-year fixed-rate mortgage due to lack...longer-term, often 30-year, fixed-rate mortgages. Because of the structure...provide long-term fixed-rate mortgages if there were demand. A spokesman...
- 30-Year, Fixed-Rate Mortgages Now above 6 Percent.
- Newspaper article from: Hartford Courant (Hartford, CT) May 14, 2004 700+ words
...and asking price. Thirty-year, fixed-rate mortgages are now firmly above 6 percent. The average for 30-year, fixed-rate home loans jumped to...percentage point on a 30-year, fixed-rate loan of $200,000...
- 30-year Fixed Rate Mortgages Rise to Average 8.51 Percent
- Newspaper article from: The Journal Record September 9, 1994 700+ words
WASHINGTON (AP) _ Thirty-year, fixed-rate mortgages averaged 8.51 percent this week, up from 8.48...74 percent in October. On one-year adjustable rate mortgages, lenders were asking an average initial rate of 5...
- 30-year Fixed-rate Mortgages Drop to 8.25 Percent Average
- Newspaper article from: The Journal Record June 10, 1994 700+ words
WASHINGTON (AP) _ Thirty-year, fixed-rate mortgages averaged 8.25 percent this week, down sharply from...74 percent in October. On one-year adjustable rate mortgages, lenders were asking an average initial rate of 5...