Mortgage plunge means: MNRK's Q3 earnings will suck!
Bloomberg: "A surge in mortgage rates to two-year highs has undercut borrowing, pushing down refinancing by more than 70 percent since last September. Wells Fargo & Co. (WFC) said this month originations may fall 29 percent this quarter, while JPMorgan Chase & Co. said volumes may plunge 40 percent in the second half compared with the first six months of the year."
The business press is often late to a story. Headlines tend to lag the knowledge of professional investors. Random stories about mortgages do not move the market. Just because you first see something today does not mean it isn't already reflected in stock prices.