Cardinal Financial Corp., the Tysons Corner, Va.-based parent of George Mason Mortgage, said it has experienced a 40% decline in mortgage originations in 3Q13 when compared with the second quarter because of rising interest rates affecting the refinance business.

Furthermore, its gain-on-sale margins have decreased in the current quarter because of competitive pressure related to the changing market positions. The company added there is no certainty that these will return to “recent historical level.”

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