What Is With This Mortgage Refinancing Craze?

Rising mortgage refinancing activity… with 7% rates?

Highlights

• Rising mortgage refinancing activity… with 7% rates?

• Risk asset rally hits the pause button

• Leading indicators point to lower Treasury yields

• State level U-rate data say half the country is in recession

While We Were Sleeping

A 600-point down day in the Dow even with the blowout Nvidia results (the -1.5% decline was the worst drubbing since March 2…