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Banks' Mortgage Volumes Dive as Borrowing Costs Surge

The recent jump in interest rates has hammered demand for mortgage originations, according to bank executives and Mortgage Bankers Association data. So reports Reuters.

MBAIn the first quarter, Wells Fargo’s home loans tumbled 33% from a year earlier, while Citigroup’s mortgage originations slid 30% and JPMorganChase cited a 20% drop in home lending net revenue.

The big exception was Bank of America, which said that company-wide mortgages rose almost 8%.

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