I don’t know how many people are trying to refi their mortgage.
(I mean, who want to refi when ya got 2.5% right?)
But those who seek to are getting rejected at record rates.
Read More: US Consumer Debt Delinquency Hits Highest in Almost Five Years
More than four in 10 US homeowners who sought to refinance their mortgages had their applications rejected, according to the February survey, quadruple the share in October 2023.
With mortgage lending rates still much higher than a couple of years ago, many people seeking a refi are likely trying to tap equity accumulated during the recent housing boom in order to meet other debt costs or expenses, rather than to reduce their monthly payments. Inability to do so could put some under pressure to sell their homes. . . .
