Maybe people do pay attention when stuff like this happens?
Mortgage application volume jumped 48.1 percent last week following the Federal Reserve’s move to cut two key short-term interest rates, the Mortgage Bankers Association reported today.
According to MBA, the seasonally adjusted increase was led by an 82.2 percent spike in the index that tracks refinance applications, followed by a 10.6 percent gain in the purchase-loan index.
As a result, the refinance share of loan applications hit 62 percent, up from 49.7 percent at mid-month.
Great. Refinancing is good, right? People lower their monthly payments … then spend it, instead of saving it?
Consumers, we need your money to fuel the economy. Don’t let us down.
Source: Fed action pushes refis up 82% – Inman News