You just made my point. A house they love is more than they want to spend so they decide to stay as renters. That what is taking them out of the market. And as far as refinancing if I have 4.5 and I can refi to a 15 yr at 2.8 that makes sense. Now that 2.8 is 4.0 that no longer makes sense and I decide to not refi. That's taking me out of the market. The higher rates is hurting home sales and will continue to hurt the sales.