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From every angle, 2018 was a challenging year for the mortgage
industry. This past October, mortgage-application activity dropped
to its lowest level since December 2014 as interest rates reached
an eight-year high, according to the Mortgage Bankers Association.
Student debt continued to weigh down potential homebuyers, as
the share of first-time homebuyers decreased for the third consecutive year, according to the National Association of Realtors.
Nonbank mortgage brokers and lenders employed 344,000
people this past September. Still, according to the U.S. Bureau of
Labor Statistics, that number was down by 1,600 jobs from the
prior month. > > >
By Laura Brandao
Chief operating officer, American Financial Resources
Photo illustration by Paula Douglass
