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Lenders issuing more adjustable-rate mortgages
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Wednesday, March 19, 2014
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It appears that what’s old is new again for the nation’s lenders.
Banks are increasing the amount of adjustable-rate mortgages (ARMs) that they are doling out to borrowers, according to data provided to The Wall Street Journal from Black Knight Financial Services (formerly Lender Processing Services), a mortgage-data and services company.
“Banks are looking for ways to get borrowers to sign up for adjustable-rate mortgages, and they’re taking several steps to make this happen,” The Wall Street Journal’s AnnaMaria Andriotis said in a webcast. “The biggest thing they’re doing, is they’re pricing the ARMs at a much lower rate than what the rates on fixed-rate mortgages are currently going for.”
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