Refinancing seems to be the only game in town!
The Federal Reserve’s efforts to make homes more affordable have yet to bolster buying and instead are fueling a surge in refinancing, according to data compiled by the Mortgage Bankers Association.
As the CHART OF THE DAY shows, the association’s index of mortgage applications for home purchases has fallen this year. A similar refinancing gauge has more than doubled in the past month. Last week’s figures came out today.
Fed’s Rate Moves Fail to Spur Home Buying: Chart of the Day
Bloomberg, Dec. 17 2008