Home refinancing demand at highest in 15 months

A break down of total credit reveals the reluctance of banks to lend and business to borrow. Cheap and loose money marked the end of the credit boom. The US's ongoing default through currency debasement (inflation) will continue to characterize the bust. As a result of the on going default, gold will flow regardless of the explanations from the media from West to East.

Mortgage applications leaped last week as rock-bottom rates lifted demand for home refinancing loans to its highest level in 15 months, the Mortgage Bankers Association said on Wednesday.

Home loan refinancing puts extra cash into consumers' hands that can be used to pay off existing debt or funnel into the economy through purchases. By lowering a monthly mortgage payment it may also help some homeowners avoid default and foreclosure.

Source: finance.yahoo.com