As interest rates rise, homeowners are staying out of the real estate market because they don’t want to let go of the record-low mortgage rates they were able to obtain over the last two years.
Chase’s top officials shed light this week on how First Republic Bank’s high-quality mortgage assets and affluent borrowers fit right into the megabank’s wheelhouse.
Rising interest rates and tightening of credit standards from banks caused a slowdown in jumbo lending in the first quarter of 2023. First Republic Bank was the top producer in the sector, followed by Wells Fargo. (Includes data chart.)