NewsJPMorgan home lending business dropped 6%
JPMorgan saw its business of providing loans for people to buy houses drop by 6%. Reporter Brian Sozzi notes that Wells Fargo also reported poor results in their home business.
JPMorgan saw its business of providing loans for people to buy houses drop by 6%. Reporter Brian Sozzi notes that Wells Fargo also reported poor results in their home business. Higher interest rates on home loans have caused a major shift. "housing is frozen. We've heard a lot of people say because of rising interest rates, we've seen mortgage rates rip higher". This slowdown creates worry for companies like Home Depot and Lowe's that make money from the housing industry. A frozen housing market makes for a very cold season.