Prior to July 2003, mortgage refinancing activity seemed to track movements in interest rates fairly closely. Since then, however, homeowners have been less than responsive.
Have we hit the limits to growth in the refi market? If so, it may be another hint that the home-as-ATM phenomenon has come to an end.
The real question is whether homeowners are scaling back of their own accord — or whether circumstances have forced them to.
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.