This is concerning: 41.8% of US homeowners who sought to refinance their mortgages have received an application rejection, the highest share in over 12 years. The percentage has QUADRUPLED since October 2023, according to the NY Fed. Many Americans are seeking to refinance to tap into their recently accumulated housing equity. This would help to cover rising costs of living and other debt expenses. Lack of refinancing could at some point force people to sell their homes. Something must give.