HELOC use is shifting. (Source: Shutterstock)

Mortgage refinancing had quite a moment the last two years. Borrowers rushed to take advantage of the historically low interest rates, resulting in $5.5 trillion in mortgage lending in 2020 and 2021, according to Black Knight’s January 2022 Mortgage Monitor.

Enter 2022 … and the winds have completely changed. As the Federal Reserve rapidly adjusts interest rates upward, the housing market reacted with a sharp and abrupt drop in mortgage refinances. Weekly mortgage applications are down 83% compared to one year ago, according to the Mortgage Bankers Association.

Dig Deeper

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2022 ALM Global, LLC. All Rights Reserved.