Mortgage bankers originated $16.8 billion of Federal Housing Administration-backed loans in February, a 27% decline from the prior month and a sign that the spring homebuying season may not be off to an auspicious start.
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Then again, rates began rising in late December and continued on in an upward course through January and February — but have been falling over the past two weeks.
The government's mortgage insurance agency guaranteed only $8.3 billion of purchase money mortgages in February, compared with $11.4 billion the prior month. Nearly 75% of the financing in both months went to first-time buyers.
