Last week's big decline in mortgage applications was all about refinancing as the hiccup in...
Last week's big decline in mortgage applications was all about refinancing as the hiccup in interest rates slowed business. The overall decline of 7.9% was led by a 9% drop in the refi index, which fell to its lowest level since early July. Strangely, the mortgage REITs are lit up bright red today. Aren't prepayments a key leg of the bear case against them?
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