In the midst of rock bottom interest rates, homeowners seeking mortgages are rising. People are anxious to borrow money with a less than 1% interest rate attached to the principal.
According to the Wall Street Journal, "A large percentage of the applications are for refinancings rather than purchases."
How this new economic phenomenon of the combination of miniscule interest rates and a mortgage surge will play out in this tenuous market has yet to be seen. Even analysts are reluctant to make a prediction.