Rise In Mortgage Rates Affects Housing Market, LendersPlay
A rise in interest rates in the U.S. is affecting the demand for mortgages. According to Wells Fargo, today's 30-year fixed mortgage rate is 4.75 percent.
It's not only having an effect on potential home buyers and sellers. Mortgage lenders, both large and small, are also feeling the pain.
The nation's largest mortgage lenders, including Wells Fargo, Bank of America and JPMorgan Chase, say they expect to lose money in the second half of this year. They're also laying off thousands of employees in their mortgage businesses.
- Tom LaMalfa, mortgage analyst and researcher, and president of TSL Consulting.
This segment aired on September 11, 2013.