Demand for mortgages and refinances dropped off considerably as mortgage rates reached their highest levels in weeks, per the Mortgage Bankers Association (MBA). Lenders project negative profit margins over the next three months, according to Fannie Mae.
Lenders cited “competition from other lenders” as the top reason for their continually declining profit margin outlook, and “consumer demand” as the second most prevalent reason.
Find out more details about the state of the mortgage industry and outlooks for the near future.