General World News

New cash-out fees add to pain for mortgage lenders

The last week of the calendar year is usually a slow time for the mortgage industry, but 2022 was something else. It represented the lowest level of activity in 27 years.

“With mortgage rates still well above 6% and the threat of a recession looming, mortgage applications continued to decline over the past two weeks to the lowest level since 1996,” Joel Kan, Mortgage Bankers Association‘s vice president and deputy chief economist, said in a statement.

Mortgage applications decreased 13.2% on a seasonally adjusted basis from two weeks earlier, according to data from the MBA for the week ending details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com