Newspaper article THE JOURNAL RECORD

S&ls Total Mortgage Loans Closed Up 50% / in December

Newspaper article THE JOURNAL RECORD

S&ls Total Mortgage Loans Closed Up 50% / in December

Article excerpt

Total mortgage loans closed by Oklahoma savings and loans increased 50 percent between November and December to $132.9 m illion from $88.6 million.

The figures, taken from the monthly financial report published by the Federal Home Loan Bank in Topeka, marked the first consecutive monthly increase since August 1985.

Mortgage loans closed by Oklahoma City institutions, meanwhile, declined 5.7 percent, to $27.9 million in December from $29.6 million in November. The figure was also down 12.26 percent from $31.8million closed in December 1984.

The increase could be attributed to Oklahoma institutions refinancing a record number of mortgage loans, said Terry Bagley, senior vice president at Continental Federal Savings and Loan Associationand manager of the mortgage division.

"We have the highest dollar volume of residential loan applications that we've had in the last two years. Ninety percent of those are refinances," he said. "The rates we're quoting today are the lowest on conventional loans in seven years - we're down in the 10 percent bracket for a fixed-rate loan."

Roughly $121 million of the total mortgage loans closed in Oklahoma in December 1985 were classified as "permanent," including refinanced property. Permanent loans increased 24.48 percent from $97.2 million in December 1984 and 62.19 percent from $74.6 million in November.

Permanent mortgage loans in Oklahoma City also increased 15.5 percent between November and December 1985, to $25.3 million from $21.9 million. The figure declined 5.59 percent from $26.8 million in December 1984.

Bagley said today's market presents a window of opportunity to refinance a high-rate loan and lock it into a lower rate. …

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