Jan
15
Cracks in U.S. Mortgage Demand Grow as Banks Signal Fed’s Impact
By-
Wells Fargo, BofA say application pipelines are shrinking
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Still, more customers may finish process before rates increase
Wells Fargo & Co. and Bank of America Corp. said they’re starting to see demand for home loans taper as the Federal Reserve raises interest rates.
Wells Fargo, the biggest U.S. mortgage lender, said Friday that its pipeline of applications for home loans dropped 40 percent to $30 billion at the end of the fourth quarter, compared with three months earlier. The decline capped a year in which mortgage revenue fell to $6.1 billion, the lowest level since 2009. Bank of America, meantime, said its pipeline shrank 43 percent in the quarter as fewer customers sought to refinance existing debts…
Cracks in U.S. Mortgage Demand Grow as Banks Signal Fed’s Impact
