A few days ago I commented on the recent “refinancing rush” which has/is taking place due to the recently lowered interest rates. I would have no problem arguing that there is no “rush” as a 3% rise really isn’t a “rush”.
Anyway.. Here is the proof…
(Sources – Bloomberg and Ritholtz.com)
Here is the important question that everyone needs to be asking – if the housing market continues to fall, what can the government do to stop it?
The belief has always been that lowering interest rates will spur buying, and in turn, property values stabilize. Since it appears common market principles are no applying, what is to say this will work?
The only option, and it would have helped significantly if this was done in the first place, is to buy the toxic mortgages…
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