As the demand for conventional mortgage loans declined, to lower the interest on their mortgage loans.
The pool of customers for mortgage lenders has also dwindled as a result of rising interest rates and decreased demand, while technological improvements have raised consumer expectations in terms of home finance. A more cutthroat business environment is the outcome.
Mortgage rates have substantially increased, with the average 30 year fixed rate rising from about 3% in the beginning of 2022 to almost 7% at this time. This results from the Federal Reserve's (Fed) policy of raising interest rates in an effort to slow the economy and, most significantly, the rate of record-high inflation.
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