Mortgage Banks Reported Negative Profits for the First Time Ever in 2022
Pro Builder
APRIL 11, 2023
The rapid rise in mortgage rates over a relatively short period of time, combined with extremely low housing inventory and affordability challenges, meant that both purchase and refinance volume plummeted," [Marina] Walsh said. The 2022 deficit represents a 113% decrease from the previous year's average income of $2,339 per mortgage.
Let's personalize your content