“Demand for refinance continues to be the hardest hit by these elevated rates. Given that the large majority of existing mortgages have rates below 6%, there is no incentive for homeowners to refinance their existing lower-than-current-rates mortgage and enter into a new, costlier mortgage.” --Joe Mellman, senior vice president and mortgage business leader at TransUnion.

TransUnion, Chicago, said total mortgage balances fell to $11.7 trillion in the second quarter, down slightly from last quarter’s record high but up 4.3% year-over-year.