Need to Lower Your Mortgage Payment? Too Bad. The Death of the Refi

The Maven  ( Original )
MAR 7, 2018

With all the focus on the stock market, the housing bubble has received very little attention. But the combination of near-zero rates for years on end has given everyone who can refinance a chance to do so at historically low rates. Those who would have, have.

For those who will require a reduction in their monthly housing payment to stay afloat, the refinance ship has sailed. This, the primary savior for so many payment-pressed homeowners over the years is now off the table.

Mortgage rates are high and rising. Refinancing opportunities are nonexistent; home affordability has collapsed.

Anyone seeking to refinance will discover the opportunities have essentially vanished. Anyone needing to refinance to lower their payments is in outright trouble.

Factor in millennial attitudes towards debt coupled with their desire to remain mobile, and you know where housing is going based on this data.

Expect a housing collapse.

ORIGINAL SOURCE: Housing Collapse Coming Right Up by Mike Mish Shedlock at The Maven on 3/5/18