A sharp surge in interest rates caused mortgage refinances to plummet two weeks ago, but they are now finding their footing again. Applications to refinance rose 5 percent last week after falling 9 percent the previous week, according to a seasonally adjusted measure by the Mortgage Bankers Association. They are […]
Mortgages
UK mortgage approvals hit new five-year high, business lending slumps
British lenders approved the highest number of mortgages in more than five years in November but business lending slumped, Bank of England data showed on Friday, raising doubts about the sustainability of growth. Britain’s economy enjoyed some of the fastest growth of any major industrialized economy in the first nine […]
Nigerian president: 200,000 affordable mortgages
Nigerian President Goodluck Jonathan says his government will create more than 200,000 affordable mortgages over five years and introduce rent-to-own options for low-income housing to address a massive shortage in Africa’s most populous nation. Jonathan outlined the plans in a New Year’s Day address. Nigerian banks currently hold only 20,000 […]
