America's Largest Mortgage Lender Posts $451.9M Loss, Shares Plunge 35% to All-Time Low
The largest U.S. mortgage lender reported a $451.9 million second-quarter loss, sending its stock down 35% to an all-time low. The 30-year mortgage rate climbed to 6.69%, its highest in more than a year.
America's largest mortgage lender reported a net loss of $451.9 million for the second quarter, far missing expectations. The earnings miss triggered an unprecedented sell-off, with the company's stock plunging 35%—its largest one-day decline on record—to an all-time low.
The results come as the U.S. housing market faces mounting pressure from higher borrowing costs. The average 30-year fixed mortgage rate rose to 6.69%, the highest level in more than a year, further squeezing affordability for homebuyers.
Source: First Squawk