Salient to Investors:

Mortgage lenders are warning that the drop in demand for refinancing may be steeper than expected as surging interest rates crimp demand and cast doubt on how much the housing market will improve.

Guy Cecala at Inside Mortgage Finance said yesterday’s Wells Fargo comments and Bank of America’s job cuts show clearly doesn’t bode well.

Nancy Bush at NAB Research said we are pretty much through the refinancing boom, and don’t know yet what the purchase business will look like.

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