US Housing Crash: Wells Fargo Steps Back From Mortgages As Demand Craters

 add   US Housing Market Outlook

Published Jan 13 '23

Fact  

  • Wells Fargo is retreating from its mortgage business as rising borrowing costs hammer housing demand.
  • The bank will now only offer home loans to existing customers and families from minority communities.
  • The Federal Reserve's big interest rate hikes are a factor in US mortgage rates soaring above 6.5%
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