A sharp climb in mortgage rates and bond yields is creating conditions that could force more lenders out of the US market, threatening to deepen a supply squeeze that homebuyers can ill afford.

That is the warning from Melissa Cohn, Regional Vice President at William Raveis Mortgage in New York. For Cohn, the central question is not when rates might ease, but how much structural damage the current environment inflicts on the lending market before they do.

“I think that’s the 800-pound gorilla,” she said. “What damage is there going to be to the lending industry?”

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