The rise in interest rates during the third quarter limited originations and put pressure on profitability. The value of mortgage servicing rights increases as interest rates go up, but that wasn’t enough to offset declining production revenue at many banks. (Incldues one data table.)
Purchase mortgage share tilted toward mortgages with higher LTV ratios. And both purchase loans and refis saw a higher share of borrowers with low credit scores. (Includes two data tables.)