The refinance boom is edging toward its third birthday, but like all good parties, it will be coming to an end.
Mike Fratantoni, chief economist for the Mortgage Bankers Association, said Thursday that this year will close with record profitability for mortgage lenders despite the effects of the COVID-19 pandemic on other sectors of the economy and mortgage delinquency rates that are already rising.
However, next year they will find their margins compressed as rising rates constrict the flow of applications and rising delinquencies boost costs.
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