“Get out of the office and meet your real estate agents”

Given that US inflation now stands at 8.5%, that’s not something to be sniffed at.

The point was not lost on Schachter, who admitted he was concerned about inflationary pressures. “Because of inflation, people are not going to be able to qualify for a mortgage based on the cost of living. Credit card debt and consumer debt is also on the increase, so if people are doing a refinance, it’s not to get a lower rate, it’s to pay off debt – that’s what I’m seeing across my table.”

While no-one – and no state – is immune to the current economic turmoil, Schachter was sanguine, even when presented with a bleak scenario of spiraling inflation, rising rates and a subsequent slump in refi volume, which has dropped by as much as 62% year over year.

“When we talk about 5% interest rates, everyone thinks that the sky is falling, but in a relatively long span of historic interest rates 5% is really low,” he said. “I think a lot of people got used to rates in the twos and threes, but you can’t maintain such a low interest rate for such a long period of time.”

He conceded that business “has dropped slightly” but stressed that the impact had not been huge up to now.