Yakima Ranks 5th Nationwide in Growing Home Mortgage Loans
YAKIMA, Wash.- Yakima is ranked fifth nationwide in growing home mortgage loans. Loan officers say this shows that consumers in Yakima have better credit.
Over the last year, loans for mortgages, home equity, cars, credit cards and student loans have grown almost 11 percent. That is four times the national average.
Loan officers say this is a good sign for the Yakima market and that this is a positive trend that's been happening for years.
"One of the reasons we've been successful in the past is that i think the credit standards are held at a very high level and this is a pretty conservative area and that is very good in these kinds of times," said Mike Broadhead, the President of Central Valley Bank.
Loan officers credit the contribution of agriculture to the economy as another reason.
Right now rates are as low as four percent and loan officers say they should stay low for a while.