That's an AP headline from today but the gist is disingenuous. Mortgage lending isn't down because rates are creeping higher, mortgage lending is down because a lot of people don't qualify for loans. Why are headlines from papers and news services so out of whack with reality? Is there some pitcher of Kool-Aid that I have to drink before I can read these headlines and accompanying stories and believe that the writers are being truthful? People are trying to refinance their mortgage loans to pay for everyday essentials like food, energy, and sundries. Refinancing a loan to free up some money every month is a godsend in these trying times when a lot of people are just trying to keep up with their bills. Once they fall behind, it's not easy to catch up.
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