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[–] kkj@lemmy.dbzer0.com 9 points 2 months ago* (3 children)

Their whole business model was based around getting people to refinance. When rates are up, people don't refinance.

US mortgages are almost always fixed-rate, so increased interest rates don't change the premiums for existing mortgages, hence the drive to refinance when rates are low.

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[–] ChickenLadyLovesLife@lemmy.world 1 point 2 months ago (2 children)

US mortgages are almost always fixed-rate

A lot of them are variable-rate which is just insane. You're allowing your mortgage lender to charge you whatever interest rate they feel like charging, with your only out being the hassle of refinancing.

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[–] kkj@lemmy.dbzer0.com 1 point 2 months ago (1 child)

I've read that that's common in other countries, but I haven't heard of any here.

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[–] taco@anarchist.nexus 2 points 2 months ago

It used to be more common, but I think it got a lot less so after the 2008 economy did its thing. At least that's my anecdotal impression.

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