According to Bloomberg, Wells Fargo (WF) Chief Financial Officer Tim Sloan said mortgage rates may be rising, but new families are still being created and homes are still affordable.
“We don’t believe that the recent increases in mortgage rates are going to in any way, shape or form snuff out the housing recovery,” Sloan said.
“When you look at any sort of statistics in the demographics in terms of household creation as well as household affordability, they are still very attractive and should drive a continued recovery in the housing business," he added.
