New mortgage lending drops to 13-year low

By Nick Timiraos | The Wall Street Journal

New figures released by the Federal Reserve Bank of New York on Tuesday show that mortgage lending is running at its lowest level in 13 years, with 2014 on pace to be the weakest for new loans since 2000.

Mortgage lending has been weak since the housing bust hit in 2007, but it received a series of lifts over the past few years with each round of stimulus by the Federal Reserve. Those efforts brought mortgage rates to lower levels, unleashing bursts of refinancing.

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November 26, 2014

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