News In Brief
| Chicago
Savings institutions set mortgage record in '83
Americans borrowed a record $125 billion in new-home mortgages in 1983 from savings institutions, the US League of Savings Institutions estimated Tuesday. In just the first 10 months of the year, savings institutions issued $111 billion in mortgage loans, exceeding the $108 billion record set in 1978.
The league said the most encouraging aspect of the home-lending picture is the growing acceptance of adjustable-rate mortgages, the use of which grew from 23 percent of all mortgages issued in the first quarter of this year to 44.2 percent in the third quarter.
