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Mortgages

Like other banks before it, Wells Fargo pulls back from mortgage biz

by Samantha Fields
Jan 11, 2023
It used to be the top mortgage lender in the country.
Wells Fargo used to be the top mortgage lender in the country. Now it's retreating from the business as nonbank lenders gain market share.
Michael M. Santiago/Getty Images
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High interest rates mean anxiety for borrowers, but a "great new story" for savers

by Kai Ryssdal and Sarah Leeson
Nov 22, 2022
Laurie Stewart, CEO of Sound Community Bank in Seattle, says she's seen a "real uptick in demand for deposits."
The Federal Reserve's rate hikes continue, but mortgage rates are trending downward.
Chip Somodevilla/Getty Images
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The mortgage business right now is even slower than 2008

by Kai Ryssdal and Andie Corban
Oct 12, 2022
Los Angeles mortgage broker Vivian Gueler says high rates, high home prices and a weak stock market are stopping people from buying homes.
High mortgage rates, among other factors, have chilled the recently hot real estate market.
Federic J. Brown/AFP/Getty Images
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Why are home prices still rising?

by Lily Jamali
Sep 20, 2022
As interest rates climb, people who own homes with low mortgage rates have little incentive to sell, keeping the supply tight.
High mortgage rates are keeping some would-be sellers in their homes.
Justin Sullivan/Getty Images
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Even as the housing market cools, luring discouraged buyers back may be a challenge

by Amy Scott and Sarah Leeson
Sep 13, 2022
Prices may be coming down and houses are on the market longer, but many potential buyers have given up.
Sellers are "not only getting realistic about their asking price, but they're also having to get realistic about doing repairs," says LaTisha Grant of the TAS Realty Group in Houston.
Justin Sullivan/Getty Images
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Banks are preparing for more loans to go bad as interest rates rise

by Justin Ho
Aug 8, 2022
They're setting aside more cash to cover delinquencies and taking closer looks at prospective borrowers.
Consumers are saving less and using credit cards more as prices and interest rates rise. Above, a person on the floor of the New York Stock Exchange watches TV screens on July 27, after the Federal Reserve raised the benchmark interest rate by three-quarters of a percentage point.
Timothy A. Clary/AFP via Getty Images
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Why mortgage rates have been falling recently

by Justin Ho
May 31, 2022
They're sliding even though the Federal Reserve has been raising interest rates this year.
Given how much mortgage interest rates have risen over the last year, demand could be slowing down.
Justin Sullivan/Getty Images
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Payments for new mortgages are soaring. That's why home sales are slowing.

by Mitchell Hartman
May 27, 2022
The median monthly payment on a new mortgage is up more than 40% over last year.
Tim Boyle/Getty Images
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What the Fed’s rate hike means for one community bank

by Kai Ryssdal and Maria Hollenhorst
May 5, 2022
Mortgage rates are rising, but deposit rates will lag, says Laurie Stewart, president of Sound Community Bank in Seattle.
Laurie Stewart, the head of Sound Community Bank in Seattle, says pressures to hold more capital will "impact our ability to serve clients and to be investable."
Courtesy Sound Community Bank
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Anticipated Fed interest rate hike already being felt

by Sabri Ben-Achour
May 3, 2022
Mortgage rates, for example, probably already have the Fed hikes built in.
The Federal Reserve is planning to raise interest rates this week. If you're trying to take out a mortgage, chances are you're already feeling the effects.
Anna Moneymaker/Getty Images
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