Rising Interest Rates and Aging Housing Boom Begin to Weigh on Mortgage Production Volume
Mortgage origination volume appears to be losing steam rapidly during the final quarter of 2005, as rising interest rates and a somewhat cooler housing market take their toll and lenders prepare for a slowing market in the months to come. Interest rates on 30-year fixed-rate mortgages are expected to average about 6.20 percent in the fourth quarter – up about 40 basis points from their level in the third quarter, according to mortgage industry… [One data table included]