The Fed’s QE efforts were – if one is to believe the words spewed from their ever-lying mouths – designed to aid the man on the street, to lower interest rates, and enable another refinancing-led housing boom/bubble which would maintain the status quo and confirm the ‘happily-ever-after’ dream of every taxpaying (and non-taxpaying American). Today’s data from the Mortgage Banker’s Association confirms – QE’s work is done and the refi boom is over. A 7% plunge on the week has pushed the refinancing activity index to its lowest levels since September 2008 – just before Lehman.
Chart: Bloomberg
via Zero Hedge http://ift.tt/PS0SFv Tyler Durden