单词 | refinance wave |
释义 | refinance waveDefinition Period in which a large number of borrowers refinance mortgages in response to changes in interest rates. When short-term interest rates are declining, borrowers may replace long-term mortgages with short-term adjustable rate mortgages. When short-term rates are rising, borrowers may replace short-term adjustable rate mortgages with long-term fixed mortgages to lock in current rates. |
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