We shouldn't be surprised, should we?
It's yet another reminder of what occurred back just prior to the previous Housing Crisis.
According to an article on Zero Hedge, homeowners who both qualify for a ReFi and want one given the higher interest rates has pretty much collapsed. The remaining borrowers are "cashing out" and taking on a new mortgage that is greater than the existing one, and using the money for "Your Guess Is as Good as Mine".
It would be wonderful to think that the money is being used for home improvements, updates and repairs in order to increase value or "aging" in place by retrofitting the house. However, it should be noted that the US savings rate is at crisis lows, credit card debt has gone "completely vertical" and 61% of Americans do not have enough funds in savings to cover a $1,000 emergency.
I think we all know where this eventually leads to.
The download will include the most recent Existing Home Sales Data for February 2019 as Published by the National Association of Realtors.