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To decide if the housing market is going to crash anytime soon. What's the latest from the wordage market.
Actually, mortgage market sentiments were just rated by Fannie Mae on the mortgage lender sentiment survey. Fannie Mae does a lot of surveys, Michelle, on different things that are happening in the market. One of them is they actually ask, uh, the managers of the mortgage world what's going on. And the interesting thing is, and this, uh, the first quarter of Q1, uh, mortgage lenders overwhelmingly, uh, were negative at the outlook of being in the mortgage business. So their sentiment is they're going to be funding, fewer mortgages. Their sentiment is that most likely the refinance market is not going to be as strong as interest rates are rising and the reading, the tea leaves, and a belief that it's going to affect their income. The other thing that they said there was overwhelming confirmation from the mortgage industry that the purchase business is going to remain strong.
People are going to keep buying houses or keep our money for it. And there was overwhelming negativism that the refinance market will remain strong. Now, I think one underlying concern that I have about this data, Michelle, and I think something that maybe isn't getting priced in the mortgage market is that I believe that there is a scale of hurting marketplace that we do not have tapped into. So what I would say is, I think there's, there's a, there's a public slice of people who do own homes over 60% of the world has a mortgage in the US for a house. And in the last year, we had a massive increase in equity. And I think there, we might actually see the strain of people borrowing, uh, in a cash-out refinance market. So that could happen. I don't know that the lenders agree with that, cause I'm not seeing that in the data. But I do think there's an opportunity for refinances that are going to come in and people are going to probably borrow against some of the equity to help sustain themselves. Because I mean, it just seems like there's, there's, there's an untold story of, of people who do own homes that are getting by, but they're not really above water and their monthly debt load needs help. Like they need some reserves and they might borrow from their house. So I think that might be something that we're going to have to watch this year.
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