The Forensic Accountant is right that (https://www.marketwatch.com/story/is-it-a-bad-time-to-buy-a-home-buyers-say-yes-data-show-ffa599d1?mod=mw_rss_topstories), but misses the real macro inflection: the problem isn't mortgage underwriting, it's that the 10Y sits at 4.63% and nobody refinances there. Banks don't make money on *new* mortgages—they make it on *old* mortgages at 3%.

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