Wells Fargo Mortgage Originations Continue To Plummet!


Rising Interest Rates And Stiff Competition Are Causing Wells Fargo Mortgage Originations To Plummet

Wells Fargo Mortgage OriginationsWells Fargo mortgage originations continue to plummet as interest rates have risen over the last several months.
Wells Fargo says that it originated $46 billion in mortgages in the third quarter. This is down 22% from last year’s total of $59 billion during the same time period.
The overall total isn’t the lowest in recent memory for Wells Fargo though. Wells Fargo mortgage originations were $43 billion in mortgages in the first quarter of this year.
This is not good news for Wells Fargo. This is the third quarter Wells Fargo mortgage originations have continued to heading south.
There doesn’t appear to be much of a light on the horizon with the Federal Reserve raising interest rates to a seven-year high.
The bank says that first mortgage applications also fell by 22% in the third quarter, compared to last year.

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