Wells Fargo is stepping back from mortgages after the Fed's rate hikes helped crater the US housing market

Jan 11 2023 by Business Insider

 
Rising interest rates have hammered the US housing market this year.

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Wells Fargo is retreating from its mortgage business as rising borrowing costs hammer housing demand. The bank will now only offer home loans to existing customers and families from minority communities. The Federal Reserve's big interest rate hikes are a factor in US mortgage rates soaring above 6.5%.

Wells Fargo is downsizing its mortgage business after the Federal Reserve's outsized interest-rate hikes...

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