It's not clear to me from the article if that 90% down number includes refinances. It says that the effects are "particularly [pressuring] firms like Rocket Mo

It's not clear to me from the article if that 90% down number includes refinances. It says that the effects are "particularly [pressuring] firms like Rocket Mortgage that thrived on loan refinancings" but I don't know if it's reading in too much to assume that the WF pipeline it's talking about is including both. (If it includes refis that's still bad news for the mortgage interest but way less indicative of soon-to-fall prices since rates have generally been below the current point for about 20 years, so no small wonder nobody would refi now.)