"In the last two weeks, [home-loan applications] have picked up 30 percent to 35 percent," said Joe Blaston, of Sovereign Bank in Villanova.
"In the last two weeks, [applications] have picked up 30 percent to 35 percent," to about $10 million a week, said Joe Blaston
, who runs Sovereign Bank's
Villanova home-loan office.
Big banks, said Blaston
: "There's a pretty strong need by a lot of institutions" to make new loans to recover from their old, bad loans.
Businesses aren't borrowing more.
By contrast, home values "have stabilized," so " Bank of America
, Chase, and Wells Fargo
have been getting back into jumbos."
Thank free-spending Europeans, too: "Part of what has happened is all the issues with the sovereign [debt]" in Greece and other countries, Blaston
With the value of the euro falling, skittish investors are buying U.S. Treasuries and driving down bond rates; same goes for U.S. mortgage securities, which investors still see as government-protected.
Will cheap money last into summer?
"I don't make predictions," said Blaston
, laughing, a little.