High inflation and high interest rates unfortunately kept a lot of borrowers on the sidelines. As the year went on, we heard a lot of talk from the Federal Reserve about starting to look at rate cuts... That led to some improvement in business during the third quarter, before the enthusiasm for potentially lower rates appeared to evaporate.
It's continued to be, unfortunately, the same story when it comes to our industry facing these challenges. We're seeing market headwinds, and not really seeing a lot of release in the rates. But we've continued to work through those challenges.
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