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As interest rates climb, mortgage lenders scramble for business

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It’s been quite a ride for folks in the mortgage industry over the last several years.

For the most part, rates for a 30-year-fixed mortgage loan stayed between 3.5 percent and 4.5 percent from the middle of 2013 to the first couple of months in 2020, providing relative stability for homebuyers and those seeking to refinance existing loans.

And when the COVID pandemic ushered in about 18 months of shrinking rates that sunk to historic lows of nearly 2.5 percent and home sales soared, mortgage lenders and brokers could barely keep up with the booming business.

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