Walt Schmidt in The Wall Street Journal

Walt Schmidt, mortgage strategist at FHN Financial, has noted that average loan balances have risen, today’s borrowers also have higher credit scores, and more loans are serviced by nonbank firms. Those firms aim to refinance their customers aggressively because they make money from volume.

“The market is currently very complacent about the potential for faster speeds,” FHN strategists wrote in a July note.

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