High Rate Hurdle Hard To Clear For US Housing

"Most borrowers do not have much of an incentive to refinance at current rates," MBA VP Joel Kan mused on Wednesday. It was -- ummm -- an understatement. As noted here a few days ago, the share of US mortgages with rates anywhere near current levels is just 13%, and that's after nearly doubling from Q4 2021. The figure above gives you a sense of things. More than one in five US mortgages has a rate below 3%. That share peaked near 25% in 2021. So, no, refi activity isn't likely to be espec