Americans rushed to refinance their home loans during the pandemic as the US Federal Reserve lowered interest rates to near zero. Now that the central bank is rolling back its covid-19 response, the number of homeowners refinancing their mortgage is collapsing.The housing market is one of the first places to show the effects of the Fed’s inflation-curbing strategy. Mortgage rates, for example, have shot up to 5.27% in May from 3.2% in January. Commercial banks saw less demand for all types of residential real estate loans in April, even as banks have eased lending standards, the Fed reported on Monday.New York Fed data released on Tuesday show mortgage originations slowed in the first quarte
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