Here’s why the mortgage refi boom is over

rRefi boomBy John W. Schoen | CNBC

Lower interest rates used to spark stampedes of homeowners looking to save a few bucks—or pull some cash out of their home equity piggy bank.

But the recent sharp drop in interest rates is not expected to bring hoards of refinancers out of the woodwork. “The refinance boom is over,” declared Freddie Mac chief economist Fred Nothaft in the agency’s latest refinancing report on second-quarter mortgage volume.

The report noted—for the first time since rates began tumbling in 2008—more mortgages are being written for purchases than for refinancing.

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