Shares rise as mortgage loans drop for Countrywide
Countrywide Financial Corp., the largest U.S. mortgage lender, recently said second-quarter mortgage volume fell 3 percent from a year earlier. Mortgage financier Freddie Mac said the average rate on 30-year mortgages is 6.74 percent, up from 5.66 percent a year earlier. Reuters.com reports:
"Big lenders are gaining market share because they have a wider spectrum of products and better pricing," said David Olson, co-founder of Wholesale Access, a Columbia, Maryland firm tracking the mortgage industry.
Read more: Countrywide mortgage loans drop, but shares rise
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