The Fed's QE efforts were - if one is to believe the words spewed from their ever-lying mouths - designed to aid the man on the street, to lower interest rates, and enable another refinancing-led housing boom/bubble which would maintain the status quo and confirm the 'happily-ever-after' dream of every taxpaying (and non-taxpaying American). Today's data from the Mortgage Banker's Association confirms - QE's work is done and the refi boom is over. A 7% plunge on the week has pushed the refinancing activity index to its lowest levels since September 2008 - just before Lehman.
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Chart: Bloomberg