As mortgage interest rates continue to climb, mortgage refinancing applications remain in decline after refinancing exploded in 2020 and 2021 during the pandemic.
Most commonly, mortgage refinancing allows a homeowner to replace their existing loan with a new loan at a lower interest rate or different term length. Certain types of refinancing agreements can also enable the homeowner to receive cash in exchange for accrued home equity. The mortgage refinance industry is acutely sensitive to changes in the overall U.S. economy, so as economic conditions continue to change, the mortgage refinancing landscape will shift as well.
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