A consistent theme emerged from the first-quarter 2026 earnings season: higher mortgage rates and macroeconomic volatility are dampening second-quarter expectations.

Several large lenders remained profitable during the quarter, benefiting from mortgage rates that were roughly 50 basis points lower than current levels while they continued to invest heavily in artificial intelligence and other technology. But other lenders are still burning cash, and the recent shift in the macro backdrop is creating fresh challenges heading into the second quarter. 

Refinance activity surged across the industry, while purchase volumes were flat or lower as elevated rates continued to weigh on affordability. Large details ⇒

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