Wells Fargo laid off just under 600 mortgage brokers recently.
LOTS of people are getting priced out due to hikes in rates.
7 years ago when I got my mortgage, I had to fight to get a fixed rate, they were pushing ARM's hard then - don't know if they are now but I imagine people still took ARM's.
Foreclosures will be snapped up by large firms, not individual people
Arms make up 4%.
WF has the Worst mortgage dept. last choice
4% is not a small number in total. And I'd suspect they're also at the higher end of the spectrum as people stretched to get more home. I bought a home with fixed rate at 1/3 of my "approved amount". I suspect I'll be okay. Even when switching over to a CU last month, they of course wanted to know if I wanted to bring anything over like a mortgage - they can't touch my rate. Not even close.
WF may suck but they write a lot of mortgages. 205 billion worth in 2021
