Banks see uptick in mortgages, but remain wary ahead of potential Fed interest rate cut

Spurred by low interest rates, consumers are taking out more mortgages, bolstering the profits of banks’ consumer divisions. But forecasted cuts by the Federal Reserve have Wall Street trading down. Wells Fargo, JPMorgan Chase and Citigroup each recorded a rise in second quarter profits in their consumer divisions, according to the Wall Street Journal. Consumer mortgages originations jumped at each of the banks, as did credit card spending. This was largely driven by low unemployment, […]

source https://therealdeal.com/national/2019/07/17/banks-see-uptick-in-mortgages-but-remain-wary-ahead-of-potential-fed-interest-rate-cut/#new_tab