The U.S. mortgage market is experiencing one of the biggest downturns in history, with layoffs, mergers, and purchase applications at multi-decade lows due to high rates and a 'lock-in effect'.
Unlike past housing busts where refinancing continued, the current downturn sees both mortgage purchases and refinancing levels low, signaling a unique challenge for loan officers and the industry.
Amid the mortgage recession, a silver lining emerges in the form of stability, suggesting a potential trough in transactions. Recovery is contingent on lower rates stirring refinancing and alleviating the 'lock-in effect.'
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