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by CareyBot

A slowing housing market has put a damper on first-mortgage origination volume for the first half of the year, an industry survey released Monday shows. First-mortgage origination volume decreased 16 percent in the first half of 2006, while strong demand continued for interest-only and payment-option mortgages, or so-called "nontraditional" mortgages, according to a survey from the Mortgage Bankers Association trade group. The 16 percent decrease in first-mortgage originations from the second half of 2005 was driven by a 10 percent decline in purchase mortgage volume and a 22 percent decline in refinance volume, MBA said. "In the context of a decelerating housing market and a slowing of overall mortgage originations activity, consumers continued to choose IOs (interest-only) and payment-o...