2 charts show exactly how the mortgage pipeline is drying up
Rising rates, affordability gap squeeze originations
Mortgage originations are at their lowest level in 14 years and everyone is expecting that will only get worse as mortgage rates creep up, but a sure insight into what the spring and summer hold can be found in the first quarter reports today from Wells Fargo (WFC) and JPMorgan Chase (JPM).
These two graphics from the Wells Fargo and JPMorgan quarterly reports give an insight into what’s happening to the mortgage pipeline.
From Wells Fargo...
And from JPMorgan...
(hat tip ZeroHedge)