Applications for mortgages at a 28-year low. Maybe because 99% of current mortgages are below the current rates? No refinancing, no buying new homes, just a slow down in a very important segment of our economy.
Applications for mortgages at a 28-year low. Maybe because 99% of current mortgages are below the current rates? No refinancing, no buying new homes, just a slow down in a very important segment of our economy.
You hit on the main reason, no one is refinancing and no one should be surprised. Have a friend in the mortgage game and last time we talked he said he hasn't had a closing yet this year. It will be a few years before this changes. There will be new loans, but no one with an existing loan will refinance for quite some time.
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