What’s the surprise? People don’t refinance when interests rates rise. Since 1992, I’ve been blaming the Federal Reserve for every recession since 1973. They haven’t once achieved a “soft landing” and in every instance, crashed the plane nose-first into the ground. (They don’t realize that the tool at their disposal, overnight lending, is like having landing gear on top of the plane.) But that doesn’t mean that the Federal Reserve needs to continually lower interest rates.
And it has not impacted the shortage of homes at this time.