UWM: Brokers hurt least by rising interest rates
As interest rates continue to rise, refinances are decreasing, merger and acquisition activity is picking up, and many mortgage lenders are struggling with a decrease in lending activity.
And recent data from the Mortgage Bankers Association shows these increasing interest rates caused refinance applications to fall to their lowest level since September 2008.
However, United Wholesale Mortgage explained that mortgage brokers will be the least affected by these increasing interest rates.
Brokers in general thrive in purchase markets, UWM President and CEO Mat Ishbia said in an interview with HousingWire. Ishbia pointed out that brokers typically do less refinances, and therefore the decrease in refi shares will be less likely to affect them.