Largest Mortgage Lenders Seeing Little Growth

New York, NY, Oct. 14, 2014 -- The two largest mortgage lenders are seeing little growth in that part of their business.

Wells Fargo, the country’s No. 1 mortgage originator, said it made $48 billion in new home loans in the third quarter, down 40% from a year ago but up slightly from the second quarter.

Meanwhile, J.P. Morgan Chase, the second-largest mortgage lender, said its third-quarter originations hit $21 billion, up from $17 billion in the second quarter, and down 48% from 2013.

Rising interest rates have resulted in far less refinancing.