Some lenders are ramping up hiring in anticipation of a cut in interest rates later this year. However, some observers don’t believe a rate cut will boost originations enough to warrant rising headcounts.
Mortgage production at the midway point was up a scant 4.1% compared with the first half of 2023. Originations increased sharply on a sequential basis in the second quarter due to a seasonal trend. (Includes two data tables.)
Interest rates on mortgages declined in May and June but demand for purchase mortgages remained constrained. Industry participants aren’t optimistic that production will pick up much through the rest of the year.
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