U.S. 30-Year Mortgage Rates Jump To 7.09%, Highest Since 2002
Portfolio Pulse from Happy Mohamed
U.S. 30-year mortgage rates have surged to 7.09%, the highest level since 2002. This could impact companies in the mortgage industry.
August 17, 2023 | 4:02 pm
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NEGATIVE IMPACT
LendingClub Corporation (LC) could face challenges due to the rise in mortgage rates.
As a peer-to-peer lending company, LendingClub could face a decrease in demand for mortgages due to the rise in rates, potentially impacting its revenues.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
LoanDepot Inc (LDI) could be negatively impacted by the rise in mortgage rates.
As a retail mortgage lender, LoanDepot could see a decrease in demand for its services due to the rise in mortgage rates, potentially impacting its revenues.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Rocket Companies Inc (RKT) could face challenges due to the rise in mortgage rates.
As a mortgage lender, Rocket Companies could see a decrease in demand for its services due to the rise in mortgage rates, potentially impacting its revenues.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) could see some impact due to the rise in mortgage rates.
The rise in mortgage rates could impact the broader market, potentially affecting the performance of the SPY ETF, which tracks the S&P 500 index.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
UWM Holdings Corporation (UWMC) could be negatively impacted by the rise in mortgage rates.
As a wholesale lender, UWM Holdings could see a decrease in demand for its services due to the rise in mortgage rates, potentially impacting its revenues.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80