The trend line for refinance continues to climb (how much longer might the refi ‘window of opportunity’ remain open?)….
How much might QE3 add to this as the $40B Fed purchases ratchet/contort rates lower going forward?
And on the other hand purchases seem to have flat lined…..
Mortgage applications rose 2.8% for the week ending September 21, led higher by a 3.3% increase in refinance applications. Purchase applications also rose by a modest 0.7%.
Prepayment speeds on MBS and CMO arelikely to continue to accelerate as the refinance index grinds higher.
The Market Today ONLINE
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