After cutting interest rates on its products in late June, UWM expects its gain on sale to decline from 99 bps in the first half of this year to as low as 30 bps in the third quarter.
With limited demand for refinancing, lenders are peddling other products. While nonbanks are offering home-equity loans, some lenders are selling mortgages with a reduced-fee refi option down the road.
Lenders have already priced in a recession, economists said, forecasting mortgage rates to keep moving sideways, despite the recent interest rate hike by the Federal Reserve.
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