Last week’s above-consensus inflation figures brought the mortgage market back to a sour reality: The average 30-year fixed mortgage rate, an index closely watched by industry experts, may be close to or even above the 7% level for longer than previously expected.

If this scenario unfolds, analysts and executives will be ready to update their baseline expectations for 2024, including fewer refinance and purchase loans than previously forecast. But they also say there’s no more room for a dramatic capacity reduction across the industry. 

Mortgage experts added that struggling lenders — which laid off staff, received cash infusions details ⇒

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