Mortgage refinance demand falls 60% year-over-year amid rising rates

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[jappr]

Not always a good ideal to refi an older mortgage. Do a recast or mortgage reduction payment. Then attack principal!! We started a refi. At 3% and backed out. We are at 5 and happy. Have to weigh the cost to refi against the time it will take to recoup. Recast lowered payment a great deal now all extra money goes to principal. Boom free refi of sorts.

[genek]

Sell all TWTR stock before Friday. It's going to tank. Semper Fi!!

[Advermvp]

"Housing crash is coming"

Lol, nobody is surprised by this. Everyone who wanted to refinance, refinanced at 2.75% last year.

[shaelyx]

Who's buying cash? Normal people do not have that much cash...tell us how investment companies are buying up single family homes to turn them into rentals.

[mbanderson]

It's worse than the numbers even suggest. I've been in mortgage since around 2013 and I have never seen it anywhere close to as slow as it currently is. Unless someone literally has to refinance because they have a Balloon loan they aren't doing it. There is zero reason to do it.

[MrWaterbugdesign]

70% of homeowners are already in mortgages under 4%. The other 30% have been asleep or had some problem where they couldn't refi. Of course refis slowed down,

[kevind]

It's never been more obvious a fat recession is coming than now... Probably by Q1 or Q2 of 2023 if I had to put an exact date on it. Literally ALL the forward indicators are flashing recession now! And it always starts with the housing market for some reason...

[steveg]

Sure home price have zoomed past what folks have to spend. Also, 1q is the weakest for home builder to supply homes. With Unemployment at 70 year lows and GDP at 7%...no recession.

[method]

How does the Prime Rate go from 3.25% to over 4% when the Fed only raised by 25 bp? Is the refinance rate not the same?

[youdontknowjack]

The Consumer is on Life Support .. the Only Uptick was from Tax Refunds in March .. Corona Virus was like a Free Pass to Raise prices on everything ..by everyone . at once .. Gas Prices now hold the same water .. the Default will be Transportation Costs are higher now so we had to raise prices again ..it will be heard loud and clear .. disposable income has Vaporized .. back to Moms Basement we go .. with our Happy Meals !

[wisemoneyfinance]

If you can, try to pay off your mortgage quickly 🏡 . Being tied down by a mortgage is dangerous these days. I have a video that shows how to pay off your mortgage in 5 to 7 years. It will probably help you out a lot.

[astrahcat]

Oh boy here we go, crash incoming. Better have cash for an auction now.

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[averythompkins]

GOD loves you enough to send HIS only SON to save you and if you repent and turn from your sins and be baptized in THE NAME OF THE FATHER, THE SON and THE HOLY SPIRIT. ((if you haven't )

[dummyemail]

Fed has 2.7 trillion worth of MBS on their balance sheet. If they unloads that (very difficult), Mortgage rates will hit the sky.