“Rising mortgage rates mean that fewer people are refinancing their homes, which bludgeoned fourth-quarter mortgage results at Wells Fargo & Co. and J.P. Morgan Chase & Co., the country’s leading residential lenders, according to earnings reports released Tuesday. It’s all quite a change from a year ago, when mortgage revenue was still propelling results at both Wells and J.P. Morgan. Fifteen months ago, J.P. Morgan CEO Jamie Dimon declared that the housing market ‘has turned a corner,’ and Wells Fargo CEO John Stumpf added, ‘Every quarter, we have more confidence.'”
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