Mortgage Industry Squeezed by High Rates and Falling Demand
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Mortgage lender Colin Clark has had to cut personal spending as high interest rates reduce home-buying and refinancing.
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The mortgage industry is commission-based, so less activity directly hits incomes. 60% of mortgage pros live paycheck to paycheck.
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Fewer people are entering the mortgage industry. Nearly a third of pros may leave within a year.
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All-cash home purchases are up as buyers avoid high rates. Remote work helps facilitate moves to less expensive areas.
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Younger and first-time buyers are largely sidelined, waiting for rates to fall. Meanwhile, credit card debt burdens US households.