Mortgage rates near 8% force lenders to cut or close

Mortgage rates have risen sharply, with 30-year conforming rates averaging 7.63%, up 31 basis points in two weeks. Lenders are responding with layoffs, office closures, and channel exits due to margin pressure and weaker demand.

Why it matters. Lenders are facing financial strain and making significant operational changes, affecting the housing market and homebuyers' ability to secure loans.