Answer :
As the demand for conventional mortgage loans declined, to lower the interest on their mortgage loans.
How has the mortgage sector changed?
The pool of customers for mortgage lenders has also dwindled as a result of rising interest rates and decreased demand, while technological improvements have raised consumer expectations in terms of home finance. A more cutthroat business environment is the outcome.
Why are mortgage rates rising so dramatically?
Mortgage rates have substantially increased, with the average 30 year fixed rate rising from about 3% in the beginning of 2022 to almost 7% at this time. This results from the Federal Reserve's (Fed) policy of raising interest rates in an effort to slow the economy and, most significantly, the rate of record-high inflation.
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