As Mortgage Rates Rise, Loans to Refinance Decline but New Mortgages Are Way Up

LAKE MARY, Fla. --- Rising mortgage rates are changing the mortgage business. That’s the word from Integrity Home Loan of Central Florida, the region’s largest and most active privately-owned residential mortgage provider. Matt Malloy, president of Integrity Home Loan, said the rise — though slight — has put the damper on applications for refinancing loans. “For some home owners, an increase in mortgage interest rates makes it less sensible to refinance their existing mortgage,” Malloy said. But, Malloy said, mortgage financing for new purchases of new or existing homes is way up. “We’re seeing a 45 percent increase in mortgage loans for new purchases,” Malloy said. With 11 offices in Jacksonville, Port Orange, Lake Mary, Orlando, Altamonte Springs, Maitland Center, Tampa, Clearwater, West Palm Beach, Coral Springs and Southfield, Michigan, Integrity Home Loan provided more than 2,700 mortgage loans last year that totaled more than $600 million. Malloy projects Integrity will serve up more than 3,200 residential mortgage loans in 2013.