The American economy, with interest rates kicked up to combat inflation, hasn't been doing the country's mortgage lenders any favors, especially here in the Phoenix area where the housing inventory is on the rise after a newsworthy scarcity.
"The mortgage business is one of the most cyclical, up/down, roller coaster businesses imaginable. People will always want and need to buy homes, so purchase business is doing well and is our focus. But, refinance volume has fallen drastically as interest rates have gone up. We have not laid any employees off, we have a great team and will focus on growing our staff to help serve our clients.
"We have been fortunate as we have not had to lay off significant staff, as we have seen other mortgage companies do. We have had a small staff reduction, which was more an effort to tighten up and streamline our operations than anything else." – Jay Barbour, president, VIP Mortgage Inc."With more inventory there is less panic and sense of urgency with multiple offers on each home. This doesn't affect the mortgage market beyond more homes most likely means more mortgages.