Mortgage Rate Increase Hits Lenders as Refinancing Surge Fizzles
- The phones are going quiet for many home-loan brokers
- Thirty-year fixed mortgage is at highest level in 9 months
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After riding the $3 trillion refinancing wave to its best year ever in 2020, U.S. mortgage lenders have hit a snag: rising rates.
For Thuan Nguyen, a mortgage broker at Loan Factory in San Jose, California, it’s humbling. He sold about $2 billion in mortgages last year -- more than any industry sales person in at least a decade, by one ranking. Now the phones are going quiet.