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|Team Mitchell left to right: Myriam Valdez, Legislative Aide, Senator Holly Mitchell (D-Los Angeles), Tim Shelley, Rules Committee Consultant, John Skoglund, Legislative Aide, and Rodney Wilson, Senior Legislative Advocate, California and Nevada Credit Union Leagues.|
|Dwight Johnston, Vice President and Chief Economist for the California and Nevada Credit Union Leagues|
I’ll start with the bleak. The refinance market has hit a brick wall. Activity in the United States fell by more than 50 percent since the first quarter, and a further slowdown is likely.
When mortgage rates were at their lows in early 2013, 80 percent of all U.S. mortgages could theoretically be refinanced. This doesn’t take into consideration that some mortgages wouldn’t be eligible due to having negative equity. The 80 percent dropped to 30 percent.