A recent industry report highlights the impact of interest rates on the mortgage industry, attributing a sharp decline in business to this factor. Additionally, the report reveals that mortgage costs increased at a faster rate for borrowers of color, shedding light on potential disparities in the market.
Key points from the report include:
– Interest rates identified as primary factor behind business decline
– Mortgage costs rose more rapidly for borrowers of color
– Possible disparities in mortgage market for minority borrowers
You can read this full article at: https://www.housingwire.com/articles/cfpb-report-drop-in-2023-mortgage-applications-originations/(subscription required)
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