Higher mortgage rates dim the outlook for lenders focused on refinancing loans

Consumers aren’t the only ones feeling the pinch from the rapid rise in interest rates this year. More mortgage firms are starting to let workers go as demand for mortgage refinancings falls off a cliff.

Cahill declined to detail how many workers were let go and the Colorado Department of Labor and Employment hasn’t published a notice detailing the downsizing. But workers involved described it as substantial and effective immediately. The firms that kept their focus on originating loans for home purchases, however, are in a much better position to weather higher rates than those that chased the refinance market, he said.

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