Credit unions and other mortgage lenders faced an economic pinch in 2013 as rising interest rates began to squash demand for refinanced mortgage loans while demand for purchase money loans still struggled to grow.
Borrowers shifted from refinancing to buying.
In late August, analysts with SNL Financial reported in a data dispatch that rising rates had strongly reduced demand for housing refinance loans, but said demand for new mortgages had not yet grown enough to provide business for every existing mortgage firm.
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