NewsMortgage rates near 8%
HousingWire Data shows 30-year conforming rates averaged 7.63%. Lenders cite weaker demand and margin pressure. Some firms announce layoffs and office closures.
A $2 increase in mortgage rates is sending shockwaves through the lending industry. Mortgage Bankers Association president Bob Broeksmit says affordability and borrower demand have weakened in recent weeks. Melissa Cohn, regional vice president at William Raveis Mortgage, believes some lenders may be fighting for survival. Benchmark Mortgage shut down its wholesale and correspondent division, while New American Funding shed 160 jobs. Hector Amendola, president of SimplyPMG, advises against waiting for lower rates, saying every month spent waiting is another month spent paying rent instead of a mortgage. Mat Ishbia, president and CEO of United Wholesale Mortgage, discusses potential ways to qualify more borrowers and lower the affordability bar. This increase in mortgage rates may affect your business's ability to secure loans or refinance existing ones, and could also impact your customers' ability to purchase homes.