Many mortgage companies are struggling in the housing downturn, leading to layoffs, mergers, and exits from the business. US mortgage rates are surging towards 8%, pushing homebuyers to the sidelines and causing existing home sales to reach a 13-year low. Home purchase activity has come to a virtual standstill as interest rates continue to rise. Mortgage payments have become significantly less affordable for homebuyers, according to the Consumer Financial Protection Bureau. The property market in the UK is also struggling, with declining house prices and a slowdown in consumer spending. UK mortgage approvals have slipped to their lowest level in eight months due to higher borrowing costs.
UK mortgage approvals slip to their lowest level in eight months after a jump in borrowing costs dampened activity in the housing market https://t.co/ylpFjlpJGu
House price downturn has now spread across Britain, latest Zoopla data shows https://t.co/qPgkjWWrZG https://t.co/iQYcYPs7jB
House prices are declining in the overwhelming majority of the UK, as stubbornly high mortgage costs start to bleed into values https://t.co/KEfB6tNZNL
House prices are declining in the overwhelming majority of the UK, as stubbornly high mortgage costs start to bleed into values https://t.co/1uWr9HTC4i
Data show the property market struggling to find a bottom and a slowdown in consumer spending. https://t.co/qhqC2YELkz
US Fed likely to pause again with rates at 22-year high https://t.co/TlSS3VMpgD
Surging US mortgage rates halt rally in homebuilder stocks https://t.co/52TZhAUTMU
Mortgage payments have become significantly less affordable for homebuyers, according to the Consumer Financial Protection Bureau. https://t.co/3GllybcgZK
Home purchase activity is at a “virtual standstill” as interest rates continue to grow https://t.co/5kwBG8gzZl https://t.co/5kwBG8gzZl
Existing home sales are at a 13-year low as the highest mortgage rates in decades are locking new buyers out & keeping homeowners from moving: https://t.co/vnGwLwJIVO
Homebuyers are getting pushed to the sidelines as US mortgage rates surge toward 8% https://t.co/N3nUfH1hnw
Homebuyers are getting pushed to the sidelines as US mortgage rates surge toward 8% https://t.co/7SzNLziADi
Many mortgage companies are growing desperate during a housing downturn, laying off workers, merging with other lenders or exiting the business https://t.co/eKAW7dDwBa