In this podcast, Motley Fool analysts discuss: The business of psychedelics and some regulatory challenges. JPMorgan Chase's (NYSE: JPM) offering some pessimistic optimism. How rising interest rates may affect mortgage lenders. Read More...
Reuters
Soaring interest rates weigh on big bank mortgage loan growth
NEW YORK/WASHINGTON (Reuters) -With soaring interest rates scaring off would-be mortgage borrowers, the outlook for banks’ home lending portfolios is gloomy, according to first quarter filings and analysts. The average interest rate on a 30-year fixed-rate mortgage, the most popular home loan, rose to 5.13% in the week ended April 8, the highest since November 2018, according to data from the Mortgage Bankers Association (MBA). While rate rises can be good for bank profits, the surge in borrowing costs is dampening demand for mortgage originations, according to MBA data and bank executives.
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