Surging interest rates and home prices that have yet to decline have put housing out of reach for many Americans and shut the refinance pipeline for lenders.
"We were a first mover here and others are now doing the same math and seeing what's happening with mortgage volumes," Wennes said in a recent interview."For many, especially the smaller institutions, the vast majority of mortgage volume is refinance activity, which is drying up and will likely drive a shakeout."
The mortgage business boomed during the first two years of the pandemic, driven by rock-bottom financing costs and a preference for suburban houses with home offices. The industry posted a recordin loan volumes last year, including $2.7 trillion in refinance activity, according to mortgage data and analytics provider Black Knight.
But surging interest rates and home prices that have yet to decline have put housing out of reach for many Americans and shut the refinance pipeline for lenders. Rate-based refinances
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