“The rapid rise in mortgage rates over a relatively short period of time, combined with extremely low housing inventory and affordability challenges, meant that both purchase and refinance volume plummeted,” Walsh said. “The stellar profits of the previous two years dissipated because of the confluence of declining volume, lower revenues, and higher costs per loan. Prospective buyers are holding back from the market as mortgage rates hover near a 20-year high and limited housing supply keeps home prices elevated.
