Change is here! Change has happened! Refinances are DOWN 70%.

Tracking mortgage applications (as reported by the Mortgage Bankers Association) from May through September, Capital Economics determined that refinancing activity has declined 70 percent. While the decrease in refinance activity isn’t necessarily reflective of changes in housing market demand, the 17 percent drop in purchase applications over the same period is another story.

READ MORE >>>> 

It’s time to find some new cheese.