Look deeper. Consumer sentiment (UMCS) reflecting recession impending…70 year history confirms. Lumber down 25% last four weeks. Home centers sales down 25% in March. Consumers spending moved towards experiences rather than goods. Even that is tempered with war fear.
How much of this do you think is related to mortgage rates moving higher?
9 Likes
A lot of people were refinancing and taking equity out of their homes to spend on home improvement projects and planning for vacations. At these interest rates, there isn’t much refinancing taking place anymore.
9 Likes