Mortgage rate climb won’t dent housing recovery: Wells Fargo

New York /
Sep.September 09, 2013 01:42 PM

Wells Fargo is confident that the U.S. housing recovery won’t be delayed by climbing mortgage rates. The reason? New families are forming and homes continue to be affordable, according to Tim Sloan, chief financial officer at the San Francisco-based bank, which is the largest mortgage lender in the country.

“When you look at any sort of statistics in the demographics in terms of household creation as well as household affordability, they are still very attractive and should drive a continued recovery in the housing business,” Sloan said, speaking at an investor conference in New York.

For 30-year fixed-rate mortgages, the average rate has increased 1.2 percentage points since dropping to a 3.35-percent low four months ago. U.S. home prices continue to steadily rise, by 7.7 percent this year through June, data from the Federal Housing Finance Agency show. [Bloomberg News]Mark Maurer


Related Articles

arrow_forward_ios
Exhausting other options, buyers flock to fixer-uppers
Exhausting other options, buyers flock to fixer-uppers
Exhausting other options, buyers flock to fixer-uppers
Better.com CEO Vishal Garg (Better.com, iStock)
Mortgage lender Better to go public via SPAC merger
Mortgage lender Better to go public via SPAC merger
(iStock)
Drop in home refinancing crimps mortgage firms’ profits
Drop in home refinancing crimps mortgage firms’ profits
From left: 909 Third Avenue, 79 Fifth Avenue, 240 West 37th Street and 27 East 62nd Street (VNO, Cercone Exterior Restoration, Google Maps)
These were the largest Manhattan real estate loans in April
These were the largest Manhattan real estate loans in April
Lenders are being stingy about granting home equity lines of credit. (iStock)
Home values are up, but just try getting a line of credit
Home values are up, but just try getting a line of credit
(Getty)
Mortgage applications resume decline after one-week surge
Mortgage applications resume decline after one-week surge
From left: Wells Fargo’s Charles Scharf, SL Green's Marc Holliday, Goldman Sachs’ David Solomon and One Vanderbilt (Getty)
Goldman Sachs, Wells Fargo leading $2.25B refi of One Vanderbilt
Goldman Sachs, Wells Fargo leading $2.25B refi of One Vanderbilt
Hispanics account for more than half of U.S. homeownership growth in the past decade despite making up only 18 percent of the population. (iStock)
Buenas noticias: Hispanic homeownership soars
Buenas noticias: Hispanic homeownership soars
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...