The high mortgage rates that have stymied the broader housing market continue to put a lid on reverse mortgage activity too.

According to the June report from Reverse Mortgage Insight, Home Equity Conversion Mortgage (HECM) endorsements dropped to 2,244 loans, down 2.3% compared to May and part of a sinking trend that resumed after an uptick in April. 

Meanwhile, data from New View Advisors revealed that HECM-Mortgage Backed Securities (HMBS) issuance dropped 6.3% last month to $510 million on 71 pools.

Mortgage rates are playing a role in subdued reverse channel activity. Rates popped up to 7% details ⇒

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