The Fed Has Already Lost the Inflation Fight – Ep 807
The Peter Schiff Show Podcast
00:00
Why the Market Sold Off So Sharply on Tuesday
Nobody has a mortgage that is higher than the current rate, so nobody will refinance. Households have been refinancing their mortgages cerial refines in order to reduce payments and maybe even extract a little equity along the way. Now they can't do that. They're stuck with these high balances cause they've refinanced so many times they've never even paid down any of their principl. And now mortgage rates are much higher. Even if they have a fixed rate locked in, they're stuck. A lot of people are going to be trapped because they don't want to give up the low rates that they've got.
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