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It's because the refi boom is done. Every time rates hit a new cycle low, people rush to refi and lock in that rate. On the way out of one of those cycles every
by anm89 5y ago
It's because the refi boom is done. Every time rates hit a new cycle low, people rush to refi and lock in that rate. On the way out of one of those cycles everyone's already locked into low rates. There's nothing left to refi.
The last 3 years have been a gold rush for the refi business.
That and we are probably in a general housing slowdown off the highs which is related to the first point anyway via rates rising.
- bombcar 5y agoThis is exactly it - house purchases could stay the same or even go up but once rates start climbing, refis almost entirely disappear, so the total number of loans originated slows way down. Something like 25% of loan holders refinanced during Covid.