Thousands of jobs in the US mortgage sector have been put at risk as lenders prepare for the weakest year for refinancings since the turn of the century.
The drop in demand comes as interest rates rise and threaten to squeeze a sector that employs an estimated 450,000 people across the country at banks and specialist lenders.
The Mortgage Bankers Association predicts refinancing volumes will come in at about $425bn this year, the lowest level since 2000 and down almost 60 per cent from 2016.
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