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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: Ramsey Su who wrote (45707)11/17/2005 10:53:07 AM
From: ild  Read Replies (1) of 110194
 
<<<WAMU loan agent. He remembered the straight ARM as the most popular program in San Diego when the refi wave started.>>>

Was he talking about refis in summer of 2003 when 10 year yield almost hit 3% and 5 year yield was 2%? Actually I'm wrong. Summer 2003 is when the refi wave stopped. It started in Winter of 2003.

As far as I know everyone who had 30 year fixed in 2003 would refinance into 30 or 15 year fixed. Only first time buyers and others who were moving up into more expensive houses had to use 5/1 IO ARMs.
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