A combination of mortgage volatility and extreme margin compression forced Homestar Financial Corp. to suspend retail operations.
The Gainesville, Georgia-based lender announced plans to cease retail operations while accepting mortgage locks through Oct. 31, 2023.
The decision to shut down retail operations comes on the heels of additional mortgage volatility driven by the macro economy, Homestar said in a statement.
Over the past two months, the 10-year Treasury yield rose almost 100 basis points (bps) after a period of relative stability at already high mortgage rates. As a direct result, mortgage rates recently hit 8%, and, as an industry, details ⇒
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