Unaffordable housing causing banks to lose money on every mortgage

📆 4/11/2023 5:09 AM
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The Mortgage Bankers Association said banks are losing an average of hundreds of dollars on each home loan, a first since the MBA started reporting.

Housing has become so unaffordable that the effects of the market are cutting profits for the banks which issue mortgages for consumers to purchase homes.

Contributing to the problem is the cost of production for financing a loan, which jumped to an all time high since the beginning of MBA's record keeping, to $10,624 per home loan.

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