Higher rates will not harm mortgage market

Calabasas, CA, Jun. 29 (UPI) -- Countrywide Financial of Calabasas, Calif., said Tuesday higher interest rates should have little impact on the mortgage market.

"The mortgage market will ultimately return to a normal level, in which refinance volume is substantially lower than we have seen during the last several quarters," said Angelo Mozilo, Countrywide's chairman and chief executive officer.

"Countrywide management remains confident that the company is well-prepared for such an environment, as our operations and past guidance have contemplated the potential impact of rising rates," Mozilo said.

Mozilo made the comments on the potential impact of higher or rising interest rates on Countrywide's operations in response to discussions regarding market conditions in the mortgage industry.

Countrywide provides mortgage banking and diversified financial services in domestic and international markets.




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