An Analysis of Mortgage Refinancing, 2001-2003 (November 2004, 24p)

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Homeowners in the United States have had several opportunities to refinance in the past decade. Interest rates have fluctuated, but remained relatively low compared to earlier decades. A further decline in interest rates since the middle of 2001 has given homeowners additional refinancing opportunities. This paper examines this recent refinancing wave and its impact on refinancing households' consumption and debt burden. The paper also provides statistics on the demographics of households that have refinanced their mortgages in recent years.