What a difference a year makes. In mid-2021, most mortgage companies enjoyed strong origination volume and were hiring additional staff in response. But as we begin the third quarter of 2022, the landscape has changed drastically and multiple challenges face the industry. Rates are now reaching almost 6% for a 30-year fixed mortgage, while the Federal Reserve has enacted substantial interest rate hikes and further increases are likely on the horizon.
These developments have essentially brought refinance originations to a screeching halt. In just one quarter, from March to June, the Federal National Mortgage Association refinance forecast details ⇒
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