Industry News

October 02, 2005

Maryland

Ingraham takes reins of state Realtor group

Alan R. Ingraham was sworn in as president of the Maryland Association of Realtors at the association's annual conference last month in Ocean City. He assumed his new duties yesterday. Ingraham, a Realtor since 1988, has worked both in commercial and residential real estate, as well as development and management. He is a senior vice president with First Horizon Home Loans in Timonium and is responsible for managing five branch offices in Maryland and Delaware. Ingraham previously was president of the Greater Baltimore Board of Realtors and is an active member of numerous committees at the GBBR and MAR. MAR has 29,000 members.

Nation

Fannie Mae expects rise in refinancing

Refinancing may rise to the second-highest level ever this year as borrowers convert adjustable-rate mortgages to fixed-rate loans, according to Fannie Mae, the country's largest mortgage company. Lending probably will increase to $2.77 billion from $2.73 billion in 2004, Washington-based Fannie Mae said in a report. A record $3.76 billion was lent in 2003. A month ago, Fannie Mae estimated 2005 lending would total $2.70 billion. Applications for adjustable- rate mortgages, or ARMs, have fallen "sharply" after reaching a record high in March as borrowing costs have risen, chief economist David Berson said. The average rate for an ARM probably will be 4.6 percent by the fourth quarter, a full percentage point higher than the 3.6 percent recorded in the first quarter of last year, he said. "ARM borrowers have an incentive to refinance into fixed-rate mortgage loans," Berson said. "This may help explain both the falling ARM share as well as the surprisingly strong refinance applications." Adjustable-rate loans typically are reset at a higher rate after an initial period of one, three or five years. A borrower who took out a $200,000 one-year ARM 12 months ago would have had an initial monthly payment of $950, Berson said. Today, that would adjust to $1,200, he said.

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