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.

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