It looks like people are trying to get into new mortgages before any further increases are on the horizon. Countrywide saw a significant increase in newly funded mortgages for March, 2006 in year over year numbers. This must have the mortgage companies breathing easier.
Countrywide Financial Corp. reported mortgage loan fundings for March of $40 billion, up 10% from the year-ago period, and up 29% from last month. For the first quarter, the company stated that mortgage loan fundings were up 13% to $103 billion from the prior year period.
According to the company, the mortgage loan servicing portfolio totaled $1.15 trillion at March 31, 2006, up 29% from March 31, 2005. via Trading Markets.
