Fed’s Rate Hikes are Tanking the Mortgage Market

October 24, 2022

American Banker, Oct. 24, 2022–Kate Berry (subscription)
Mortgage rates have doubled this year hitting an average of 6.94% last week, while home loan applications have fallen to their lowest level in 25 years. Credit availability is at its lowest level in nearly 10 years, according to the Mortgage Bankers Association. Mortgage rates now are so high that many lenders are losing money on loans they originate.
https://www.americanbanker.com/news/feds-rate-hikes-are-tanking-the-mortgage-market