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Wells Fargo and JPMorgan Chase recorded large profits last quarter that exceeded earnings from the second quarter in 2012. JPMorgan saw a 12% increase in originations, averaging $49 billion while Wells Fargo reported $112 billion in originations. Although profits are rising, growing interest rates may decrease Mortgage production by approximately 40%. Directors for Fitch Ratings said, “we expect mortgage volumes will continue to fall, as many borrowers have already refinanced their homes or are still unable to refinance because of depressed housing values. Additionally, a shift in the mix of mortgage originations from Refinancing toward new purchase loans could offset some volume pressure in coming quarters, especially if the housing market recovers at a somewhat faster pace.” More here
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