Fewer Borrowers & fewer qualify

I'm probably the last to say it, but while rates are at an all time low, it seems that very few can qualify. The ones that can seemed to have had their head in the sand for the past year or so. For unknown reasons, they just didn't refinance at any previous time. Maybe they were waiting for rates to get lower, not much chance of that according to the smart folks who opine on such things as inflation and the economy. Maybe they were waiting for their home to increase in value? The good people at Case-Shiller say, "fat chance." Maybe they were hoping their income would rise? It seems that's not going to happen that much either as corporations have been given the green light to hold the profits and pay the executives more without increasing the pay of the minions working tirelessly.

I know this comes off as negative, but where's the upside?