-->The Mortgage Bankers refinancing index soared 40 percent in the March 12 week to 4,983.7, an early indication that a new wave of home refinancing is underway. The index peaked mid-year 2003 at nearly 10,000 when mortgage rates hit historic lows. With mortgage rates now returning to those lows, the pace of refinancing is likely to pick up steam, pointing to more household cash and improved consumer health.

The purchase index, an indication of demand to buy homes, also rose, up nearly 6 percent to 452.4 but still within a long established range. Nevertheless, the purchase index may ease concern over recent softness in the housing market, last indicated by weak housing starts on Tuesday. But it will be the refinancing index that catches market attention, especially in bonds where the prospect of mortgage prepayments may lead to new dislocation in the mortgage-backed securities market.

-->Refinanzierung eingeschlossen. Wenn am Anleihenmarkt die Zinsen steigen werden, dann wird man sehen, was übrig bleibt.

Theo