“While interest rates remain very favorable by historical standards for home buyers, a recent rise in rates has affected consumer demand for mortgage refinancing, causing volumes to fall below what we experienced throughout 2012 and early 2013,” said Wells Fargo spokeswoman Peggy Gunn.
“We are reducing staff in Minnesota to respond to this shift in demand and to better align and increase the efficiency of our organization.”
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While the real estate market has lots of challenges during the COVID-19 pandemic, a tsunami of houses being sold by Airbnb hosts who can’t pay their mortgages isn’t one of them. HW+ Premium Content
This week, the “V-shaped” recovery in purchase applications is mimicked by the inverted “V-shaped” recovery of the St. Louis Stress Index. According to HousingWire Columnist Logan Mohtashami, this signals a return to a much more calm financial market.