There are now more loans with interest rates over 6% than those with rates under 3%. 40% of the volume closed were refinances, and 30% of the loans done were NON-QM loans. There was a 10% drop in mortgage volume at the end of 2025, with a drop in interest rates. With 1.4 trillion in credit card debt, it seems that 1.4 trillion in credit card debt may be the reason for the refinancing. It is interesting that the NON QM loans captured so much of the closed business, and will only ...