Mortgage Demand Plunges to Lowest Level in 22 years

[Darius A.]

https://www.nbcnews.com/busine...

[Bill B.]

Looks like inventory is going to dry up and prices will skyrocket. Nobody wants to sell and give up their 2-3% interest rate.they aren’t even applying. The only people selling will be people with paid off properties buying something else. Hence no increase in supply. 

Try telling someone selling their $400k house to buy a $500k house will double their payment. Or heck, even buying a different $400k house will cost them $12,000+ per year in extra interest, an extra $1,000/mo payment with no improvement, after they pay $24k to sell. No thanks they’ll say.