#home-loans

#home-loans

The policy is meant to encourage banks to expand how they gauge borrowers' creditworthiness, in hopes that more aspiring homebuyers can qualify for a home loan.

"Mortgage rates reached their highest level since January, following higher Treasury yields," says Joel Kan, MBA's vice president and deputy chief economist. "As a result of these higher rates, applications activity decreased, driven by a 7% decline in refinance applications."

New figures show that even a small reduction in mortgage interest rates translates into substantial savings for borrowers, especially those on higher rates.

"Most people don't make this money move even if they have good intentions, involving taking out a 30-year mortgage and paying it off in 15 years."

This year, independent mortgage banks like Rocket Mortgage and CrossCountry Mortgage topped the rankings, showcasing a significant growth in origination volume that set them apart from traditional banks.